{"id":562944,"date":"2023-03-13T06:01:53","date_gmt":"2023-03-13T03:01:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-democrats-applaud-decisive-action-to-protect-silicon-valley-bank-depositors\/"},"modified":"2023-03-13T06:01:53","modified_gmt":"2023-03-13T03:01:53","slug":"biden-democrats-applaud-decisive-action-to-protect-silicon-valley-bank-depositors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-democrats-applaud-decisive-action-to-protect-silicon-valley-bank-depositors\/","title":{"rendered":"#Biden, Democrats applaud \u2018decisive action\u2019 to protect Silicon Valley Bank depositors"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e500b6061\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e500b6061\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/biden-democrats-applaud-decisive-action-to-protect-silicon-valley-bank-depositors\/#Biden_Democrats_applaud_%E2%80%98decisive_action_to_protect_Silicon_Valley_Bank_depositors\" >Biden, Democrats applaud \u2018decisive action\u2019 to protect Silicon Valley Bank depositors<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Biden_Democrats_applaud_%E2%80%98decisive_action_to_protect_Silicon_Valley_Bank_depositors\"><\/span>Biden, Democrats applaud \u2018decisive action\u2019 to protect Silicon Valley Bank depositors<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/03\/siliconvalleybank_ap_0310.jpeg?w=900\" \/><\/p>\n<div>\n<p>President Biden and Democrat lawmakers praised the \u201cdecisive action\u201d by federal financial agencies on Sunday to protect Silicon Valley Bank depositors and shore up the financial system ahead of markets opening on Monday. <\/p>\n<p>\u201cThe American people and American businesses can have confidence that their bank deposits will be there when they need them,\u201d Biden said in a statement Sunday, adding he would deliver remarks on how to protect the banking system on Monday. <\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>\u201cI am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again,\u201d he added. <\/p>\n<p>The Department of the Treasury, Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced in a joint statement on Sunday that depositors of the Silicon Valley Bank will be able to access all of their funds on Monday. <\/p>\n<p>Democrats lauded the decision, saying that it will not only protect the bank, but its customers and workers who relied on the bank for their paychecks. <\/p>\n<p>\u201cThis decisive action taken by regulators to fully protect all Silicon Valley Bank deposits will ensure that millions of workers across the country will be paid on time \u2014 and it will limit the potential damage to California\u2019s and the nation\u2019s economy,\u201d Sen. Alex Padilla (D-Calif.) said in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.padilla.senate.gov\/newsroom\/press-releases\/padilla-statement-on-treasury-federal-reserve-and-fdic-action-regarding-silicon-valley-bank-collapse%EF%BF%BC\/\">statement<\/a> Sunday.<\/p>\n<p>\u201cIt is also important to note that taxpayers will not be on the hook for this critical resolution, and the protections do not extend to shareholders.\u201d<\/p>\n<p>Regulators were reportedly seeking to auction off SVB Sunday afternoon, however it\u2019s unclear if those efforts will continue into Monday given the action announced by the Treasury and others.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Treasury Secretary Janet Yellen and lawmakers spoke out on Sunday against the possibility of a bailout to save the bank and its shareholders, saying efforts would instead focus on making depositors in the bank whole. <\/p>\n<p>Rep. Jimmy Panetta (D-Calif.) echoed a similar sentiment in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/panetta.house.gov\/media\/press-releases\/us-rep-panetta-s-statement-federal-action-protect-customers-following-failure\">statement<\/a> issued Sunday.  <\/p>\n<p>\u201cThese actions\u00a0by the Treasury, Federal Reserve, and FDIC, are\u00a0absolutely necessary to protect not the bank, but the bank\u2019s customers, who were put at risk through no fault of their own,\u201d Panetta said in a statement.\u00a0 <\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>\u201cIn the days ahead, we must fully determine what caused this crisis, and what must be done to better protect customers deposits\u00a0in the future.\u201d<\/p>\n<p>Rep. Eric Swalwell (D-Calif.) said that agencies should investigate whether there was a \u201cmanipulation of the markets\u201d amid the bank\u2019s closure.<\/p>\n<p>\u201cGoing forward, we must hold bank mismanagement accountable and investigate whether there was any shorting or manipulation of markets,\u201d he said in a statement. <\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>Swalwell also blasted former President Trump and Republicans in 2018 for passing the Reform Act in 2018 that lifted regulations on the bank. <\/p>\n<p>\u201cAs to the \u2018how could this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en\u2019 concern, it\u2019s clear that the efforts by former President Trump and Kevin McCarthy to pass the \u2018Reform Act\u2019 in 2018 inoculated Silicon Valley Bank from stress tests and regulation that would have prevented this crisis,\u201d he added. <\/p>\n<p>\u201cThis is a lesson: the weakening of bank regulations for small and medium sized banks allowed this mismanagement to go unchecked.\u201d <\/p>\n<\/div>\n<p>Copyright 2023 Nexstar <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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