Biden to Speak on Banking Crisis Early Monday Morning at 8 A.M. EDT
Joe Biden will give remarks on the banking crisis at 8 a.m. EDT Monday from the Roosevelt Room at the White House in an effort to calm U.S. markets before the open.
The announcement by the White House came late Sunday night, several hours after a statement by Biden on the announcement of a backstop for depositors at two closed banks (California’s Silicon Valley Bank and New York’s Signature Bank) was announced. In the statement Biden had said he would speak Monday about the arrangement.
“The President delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery”
8am EST on Monday – President Biden will deliver remarks on maintaining a resilient banking system and protecting our historic economic recovery. pic.twitter.com/mh9BCsRUFz
— Anthony DeRosa (@Anthony) March 13, 2023
Biden’s statement released by the White House Sunday evening:
Statement from President Joe Biden on Actions to Strengthen Confidence in the Banking System
Over the weekend, and at my direction, the Treasury Secretary and my National Economic Council Director worked diligently with the banking regulators to address problems at Silicon Valley Bank and Signature Bank. 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.
The American people and American businesses can have confidence that their bank deposits will be there when they need them.
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.
Tomorrow morning, I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery.
A version of the statement was also posted to Twitter:
At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank.
I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system. https://t.co/CxcdvLVP6l
— President Biden (@POTUS) March 13, 2023
I’m 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.
I’ll have more to say on this tomorrow morning.
— President Biden (@POTUS) March 13, 2023
Not to be left out, Kamala Harris or her staff leaked to a friendly L.A. Times
Source: The Gateway Pundit
