Biden speaks on the U.S. banking system after SVB, Signature Bank collapse — 3/13/23

President Joe Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery after Silicon Valley Bank and Signature Bank collapse.

Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank
, a critical step in stemming a feared systemic panic brought on by the collapse of the tech-focused institution.

Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Signature had been a popular funding source for cryptocurrency companies.

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

#CNBC
#cnbctv

Biden speaks on the U.S. banking system after SVB, Signature Bank collapse — 3/13/23

[elektrotechnik]

I hope Ukraine will send us financial aid soon.

[thegodhead]

I’m sure the bank managers are distraught about losing their jobs. They only cashed out millions in stock a week prior to their banks failing. How will they live?

[victorramirez]

They need to do something about the executives that sold their stocks before this happened.

[LNstrumntalz]

He's given Ukraine a blank check and now claims to.have this crisis (after FTX) under control? Making an announcement about a proposedly 'miniscule' bank THIS early on a Monday morning? 🤨

[cac]

If Biden tells you not to worry, that's the exact moment you should start worrying.

[modiggady]

"When the government tells you not to panic... THATS WHEN YOU PANIC"
-2012

[efqlngr]

Can we get him a bigger teleprompter so he won’t squint so much

[georgebent]

This reminds me of when he was assuring us that Afghanistan wouldn’t fall and Russia wouldn’t invade.

[bahadremreberker]

Prints money to bail out failing businesses and calls it capitalism 🤦🏻‍♂️

[jabberwolf]

BIDEN'S AMERICA .. I'm beyond blaming Biden, I blame the idiots that had Trump derangement, didn't want stability, successful economy, laws applied, and voted for this instead. Makes no mistake, YOU CHOSE THIS !!

[pb]

He decided to make this a speech about how good he has been doing lol

[tewruzc]

This is why Joe keeps his money off-shore.

[robertcarroll]

SIDE NOTE: THE MONEY WENT SOMEWHERE. WHO STOLE IT? AND WHO WILL BE CHARGED, CONVICTED, AND JAILED? SACRIFICES ARE NEEDED. WHOSE THE PATSY? WHO IS KEYSER SOZE?

[CaseyBurnsInvesting]

Bailing out people with more than 250k in the bank. This is not “how capitalism works”. This is how fascism works, an increasingly close partnership between the state and the private sector where the public sector picks winners and losers.

[kalandarkclaw]

But I thought Biden said the economy is "strong as hell."

[squidlings]

Wow that was a quick exit. It was like somebody was controlling his legs with a remote control.

[colliric]

Man this is what it must have felt like when Hoover was telling Americans the stock market was going to be ok after the 1929

[srstrand]

His reassurance means WE ARE IN TROUBLE!!!!

[duncan]

I like how he just walks off and doesn't answer questions... who the hell voted Biden 🤣🤣

[jeffreymarshall]

Biden couldn’t even begin to comprehend why a hot dog stand went under.