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2023-03-13 About the bankruptcy of Sillicon Valley Bank and Signature Bank

Le Président Joe Biden a tenu, ce 13 mars 2023, une conférence de presse pour adresser le problème causé par la faillite de deux banques américaines importantes.

Le discours étant en anglais, et parce que les personnes qui pourraient être concernées parlent très probablement anglais, Infos Locales au Japon ne le traduit pas, mais en propose la transcription.

Today, March 13th, 2023, President Joe Biden held a press conference on the issues caused by the bankruptcy of the Sillicon Valley Bank and of the Signature bank.

Assuming that most of the readers who work with those banks can read English, Infos Locales au Japon publishes a transcription of this speech, instead of a translation.

Speech of the President Biden about the Silicon Valley Bank and the Signature Bank

I would like to talk about what is happening with Silicon Valley bank and Signature Bank. Today, thanks to the quick action of my administration in the past few days, America can have confidence that the banking system is safe. The deposits will be there when you need them. Small businesses across the country that deposited accounts at these banks can breathe easier, knowing they’ll be able to pay their workers, and pay their bills. Hard working employees can breathe easier as well.

Last week, when we learned of the problems of the banks and the impact they could have on jobs, small businesses and the banking system overall, I instructed my team to act quickly to protect these interests. They have done that. They have done that. On Friday, the Government regulatory in charge, the FDIC took control of Silicon Valley bank’s assets. And, over the week-end, they took control of Signature bank’s assets.

Treasure Secretary Yellen and a team of banking regulators have taken action, immediate action. Here are the highlights.

First, all customers who had deposits in these banks can rest assured, and rest assured they will be protected and they will have access to the money, as of today. That includes small businesses across the country that bank there, and need to make payroll, pay their bills and stay open for business. No losses, and this important, no losses will be borne by the taxpayers. Let me repeat that. No losses will be borne by the taxpayers. Instead, the money will come from the fees the banks pay into the deposit insurance fund.

Because of the actions that our regulators have already taken, every American should feel confident that the deposits will be there if and when they need them.

Second, the management of these banks will be fired. If the bank is taken over by FDIC, the people running the bank should not work there anymore.

Third, investors and banks will not be protected. They knowingly took a risk, and when the risk did not pay off, investors are losing money. That’s how capitalism works.

Fourth. The important question of how the banks got in those circumstances in the first place. We must get the full accounting of what happened and why those responsible can be held accountable. In my administration, no one is above the law.

And finally, we must reduce the risk of this happening again.

During the Obama and Biden administration, we put in place tough requirements on banks like Silicon Valley bank and Signature bank, including the Dodd-Frank law and make sure that the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements. I am going to ask Congress and the banking regulators to strengthen the rules for banks, to make it less likely this kind of bank failure would happen again, and to protect American jobs and small business.

Look, the bottom line is this. Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this. We will do whatever is needed.

On top of all, let’s also to take a look a moment to put the situation in a broader context. We made strong economic progress in the past two years. We created more than 12,000,000 new jobs, more jobs than two years any president has ever created in a single four-year term. Unemployment is below 4%, for 14 straight months. “Take home pay for work” is going up, especially for lower- and middle-income workers, and we’ve seen record numbers of people apply to start new businesses, more than 10,000,000 of them. More than 10,000,000 applications over the last two years, starting businesses.

Now we need to keep in program this progress going. That’s what swift action in my administration over the past few years is all about; protecting depositors, protecting the banking system, protecting the economic gains we made together for the American people. Thank you, God bless you, May God protect our troops. See you in California.

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