The President of the United States Joe Biden has vowed to hold those responsible for the failure of Silicon Valley Bank and Signature Bank while assuring Americans that their deposits are safe.
On Mar. 12, the New York District of Financial Services (NYDFS) took possession of crypto-friendly Signature Bank. The Federal Reserve also stated that the closing of Signature Bank was made in order to protect the U.S. economy and strengthen public confidence in the banking system.
It also announced a $25 million fund aimed at backstopping certain banks that could face liquidity issues in the future.
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U.S. President Joe Biden noted to his 29.9 million Twitter followers on Mar. 13, stating that he’s pleased that the agencies have “reached a solution that protects workers, small businesses, taxpayers and
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