Biden to address nation on bank failures, vows to hold those responsible 'fully accountable'

Biden's remarks Monday are expected to attempt to reassure Americans the country has a “resilient banking system.”

Updated: March 13, 2023 - 8:56am

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President Biden said Sunday that he intends to hold "fully accountable" those responsible for the failure of the Silicon Valley Bank and another mid-sized U.S. bank over the weekend and will address the nation on the matter Monday morning. 

"I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," he said.

The president made the announcement at the same time the Treasure Department, Federal Reserve and the FDIC said in a joint statement that depositors at Silicon Valley and Signature banks will have access to their deposits.

Silicon Valley, which many in the tech industry use for borrowing, announced its failure Friday.

Biden has also directed Treasury Secretary Janet Yellen and his top economic adviser Lael Brainard worked with financial regulators to ensure households and businesses affected by the bank failures, according to CNN

"I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk," Biden said Sunday.

Biden's remarks Monday, at about 9 a.m. ET, when banks in the eastern United States open, are expected to attempt to reassure Americans the country has a “resilient banking system.”