{"id":1875434,"date":"2023-03-13T09:56:12","date_gmt":"2023-03-13T13:56:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-his-quick-action-saved-banking-industry-blames-trump-for-banks-collapsing\/"},"modified":"2023-03-13T09:58:43","modified_gmt":"2023-03-13T13:58:43","slug":"biden-claims-his-quick-action-saved-banking-industry-blames-trump-for-banks-collapsing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-his-quick-action-saved-banking-industry-blames-trump-for-banks-collapsing\/","title":{"rendered":"Biden Claims His \u2018Quick Action\u2019 Saved Banking Industry, Blames Trump For Banks Collapsing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-claims-his-quick-action-saved-banking-industry-blames-trump-for-banks-collapsing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1875434&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden patted himself on the back Monday morning as multiple banks have collapsed in recent days, claiming that the \u201cquick action\u201d of his administration has stabilized the banking industry.<\/p>\n<p>\u201cYour deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they\u2019ll be able to pay their workers and pay their bills,\u201d Biden said. \u201cAnd their hardworking employees can breathe easier as well.\u201d<\/p>\n<p>Biden said he was focused on reducing the risk of other financial institutions collapsing. \u201cDuring 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,\u201d he said. \u201cUnfortunately, the last administration rolled back some of these requirements.\u201d<\/p>\n<p>Biden\u2019s remarks come after the Silicon Valley Bank announced a $1.75 billion share <a href=\"https:\/\/ir.svb.com\/news-and-research\/news\/news-details\/2023\/SVB-Financial-Group-Announces-Proposed-Offerings-of-Common-Stock-and-Mandatory-Convertible-Preferred-Stock\/default.aspx\" target=\"_blank\" rel=\"noopener\">sale<\/a> on Wednesday after the financial institution suffered heavy losses from the liquidation of a $21 billion bond portfolio, raising concerns among venture capital firms and startups with ties to the company about the safety of their assets. SVB, the 16th-largest bank in the United States and the largest in California\u2019s Silicon Valley, lends to nearly half of the venture-backed technology and healthcare companies.<\/p>\n<p>The Federal Deposit Insurance Corporation (FDIC) said on Friday that SVB was closed by the California Department of Financial Protection and Innovation.<\/p>\n<p>Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg announced in a statement on Sunday that\u00a0a second bank was closed in New York on Sunday by state officials.<\/p>\n<p>\u201cWe are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,\u201d the statement said. \u201cAll depositors of this institution will be made whole. \u00a0As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.\u201d<\/p>\n<p><em>This is a breaking news story; refresh the page for updates.\u00a0<\/em><\/p>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-his-quick-action-saved-banking-industry-blames-trump-for-banks-collapsing\">Biden Claims His \u2018Quick Action\u2019 Saved Banking Industry, Blames Trump For Banks Collapsing<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden patted himself on the back Monday morning as multiple banks have collapsed in recent days, claiming that the \u201cquick action\u201d of his administration has stabilized the banking industry. \u201cYour deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing<\/p>\n","protected":false},"author":102,"featured_media":1891240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[4625,14689,8961,3620,5692,4856,12990,6984,19975,5518,3634],"class_list":["post-1875434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-action","tag-banking","tag-banks","tag-biden","tag-blames","tag-claims","tag-collapsing","tag-industry","tag-quick","tag-saved","tag-trump"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1875434"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1875434\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1891240"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1875434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1875434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1875434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}