US President Joe Biden called on Americans urgently because of the situation in the national banking system, but did not promise Americans that the collapse of the two banks would not cause a chain reaction. Information about this press service of the White House published on your website.
At the end of the president’s five-minute speech, journalists asked if the US could promise that it would not face a chain reaction due to the bankruptcy of Silicon Valley Bank and Signature Bank. Biden quietly left the room.
During his speech, the American leader assured citizens that the banking system is safe. “Your deposits will be there when you need them,” he said.
March 10 for the first time since the 2008 financial crisis in the USA bankrupt one major bank is Silicon Valley Bank (SVB). The bankruptcy was associated with an increase in the key rate of the US Federal Reserve System, which led to the depreciation of assets on the balance sheets of many financial institutions.
before March 13 knownNew York State officials closed Signature Bank due to systemic risks. On the same day, securities of the Swiss financial holding Credit Suisse collapsed more than 11%.
At the same time, the American leader Biden accused Donald Trump, his predecessor in the collapse of Silicon Valley and Signature Bank.