SVB collapse: White House promises ‘this is not 2008’
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DThe espite Two banks collapse A depositor bailout and another Great Recession are not on the horizon. White House Monday,
White House Press Secretary, speaking aboard Air Force One Karine Jean-Pierre Bank failures won’t spiral into economic crises, according to protections such the Dodd-Frank Act.
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“This is not 2008,” She spoke. “The Obama/Biden administration put in place tough requirements to ensure banks have more capital and sufficient liquid assets. Depositors have more protection for their deposits, and regulators have the tools to supervise larger institutions that deal with disruptions.”
Silicon Valley Bank Friday’s collapse was followed by Signature Bank in New York on Sunday. San Francisco shares plummeted by over 70% Monday.
Despite this, Biden administration It has not said that it will bail out banks but it will fully guarantee deposits to SVB. Republicans describe this move as very similar in practice.
Jean-Pierre answered a reporter’s question about whether banks were too large to fail. This was a key phrase that Jean-Pierre used during the Great Recession.
“The president said the actions that have been taken should give Americans confidence,” She agreed. “That’s so important. This should have been the message the president sent this morning: Bank system is safe Their deposits will always be available for them when they are needed.”
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