The Biden Administration Wants To Protect The United States' Financial System

Early on Monday, President Joe Biden is scheduled to speak on the unexpected demise of Silicon Valley Bank and his plans to defend the nation's banking sector and overall economy.

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In a statement released on Sunday, Biden vowed to hold those liable for the "mess" fully accountable and pledged to enhance monitoring and regulation to prevent a recurrence. The President announced that he would add to his speech later on Monday.

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Late on Sunday, the American government and banking regulators stepped in to stop the collapse of Silicon Valley Bank from turning into a full-blown banking crisis.

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Customers of Signature Bank, which was also closed on Sunday, as well as Silicon Valley Bank's depositors will also be fully reimbursed, according to a joint statement from the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC).

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Early on Monday, the actions seemed to allay market concerns as U.S. stock futures were poised to recover from Friday's losses. S&P 500 futures indicated a 1.6% increase before the market opened.

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Asian markets was mixed as markets tangled up with Wall Street's Friday dip and took into account the U.S.'s actions to lessen the effects of Silicon Valley Bank's abrupt bankruptcy.

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The U.K. adopted a strategy similar to that of the United States in order to defend the British clients of Silicon Valley Bank. The U.K., the British subsidiary of HSBC, will be purchased. Monday's government statement. The Bank of England carried out the transaction, and customer deposits were safeguarded, it noted in a statement.