'That's how capitalism works,' Biden says of SVB, Signature Bank investors who lost money in failed banks
Publishing timestamp: 2023-03-13 20:41:33
Summary
President Biden reassured customers of Silicon Valley Bank and Signature Bank that their deposits were safe and fully covered by the FDIC and Federal Reserve. However, investors in failed banks' securities will not be protected. The FDIC's Deposit Insurance Fund will cover any losses, and no taxpayer money will be used. The banks were designated as systemic risks and taken over by the FDIC, with senior management to be fired.
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Keywords: markets, signature bank, economy, washington, business news, banks, u.s. economy, joe biden, politics,