President Biden is expected to deliver remarks regarding the federal government's efforts to respond to the collapse of Silicon Valley Bank and limit the fallout from its abrupt failure.
that depositors with money at Silicon Valley Bank will have access to all of their money beginning Monday, and"no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
Mr. Biden reiterated"no losses will be borne by the taxpayers," and said the money will instead come from fees that banks pay into the Deposit Insurance Fund. Mr. Biden spoke at the White House before traveling to San Diego, California, for meetings with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak.depositors rushed to withdraw money
Silicon Valley Bank, which was 40 years old and ranked as the 16th largest bank in the U.S., catered largely to the tech industry and was used by many start-ups and venture capital firms. It is the largest financial institution to collapse since Washington Mutual at the height of the financial crisis in 2008.Biden administration officials announced Sunday
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