President Joe Biden praised his supposed “quick action” in the face of multiple banks collapsing this weekend, claiming his administration stabilized the situation while blaming the problem on former president Donald Trump.
“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills,” Biden said. “And their hardworking employees can breathe easier as well.”
Biden said he was focusing on mitigating the risk of other banks collapsing before prceeding to blame Trump for the situation.
“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said. “Unfortunately, the last administration rolled back some of these requirements.”
Conservative commentator Dan Bongino reacted to Biden’ remarks on Twitter:
Then Biden bolted from the podium, refusing to take questions.
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Some of sleepy Joe’s remarks left some viewers scratching their heads.
“We must get the full accounting of what happened and why those responsible can be held accountable,” Biden said.
Biden also suggested seeking more robust regulations on banking institutions but failed to provide any examples or policy proposals.
Biden’s remarks come after the Silicon Valley Bank announced a $1.75 billion share sale following heavy losses from liquidating a $21 billion bond portfolio.
SVB is the 16th-largest bank in the U.S. and the largest in California’s Silicon Valley, lending to almost half of the venture-backed tech and healthcare companies.
On Friday, The Federal Deposit Insurance Corporation (FDIC) said SVB was closed by the California Department of Financial Protection and Innovation.
Treasury Secretary Janet Yellen and Federal Reserve Board Chair Jerome H. Powel announced that a second bank was closed in New York.
“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” the statement said.
“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”
READ MORE: Silicon Valley Bank Scrubs Website, Deletes Twitter and YouTube Videos
