US President Biden: I will want tighter regulations for banks
US President Joe Biden stated that they will do their best to prevent a situation similar to the 2008 Financial Crisis related to the banking crisis and that he will ask Congress and regulators to tighten banking regulations.
The world is worried about the global economic crisis. A trustee has been appointed to Silicon Valley Bank (SVB), the 16th largest bank in America. Another bank followed suit. While wondering whether the 2008 crisis will be repeated after the bankruptcy of the two banks, a statement came from the US President Joe Biden that the banking system is safe.
"WE WILL DO WHATEVER NEEDED"
Stressing that there is no need for people to flock to banks, the US President said he would ask Congress and regulators to strengthen bank rules. "We will do whatever it takes." said.
Joe Biden added that taxpayers will not lose, and money will come from insurance fund fees.
A trustee has been appointed to Silicon Valley Bank, the 16th largest bank in the United States; Then, Signature Bank, which was an intermediary in crypto transactions, also went bankrupt.
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