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09:15 ET 13:15 GMT: Biden To Deliver Remarks On Silicon Valley Bank


09:15 ET 13:15 GMT: US President Joe Biden will deliver remarks on the collapse of Silicone Valley Bank.

  • Livestream:
  • According to the White House, Biden will discuss, "maintaining a resilient banking system and protecting our historic economic recovery."
  • The White House remarks come after Biden yesterday signed off on a plan from the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation to backstop uninsured depositors.
  • Biden will be looking to diffuse accusations from conservative Republicans that the intervention represents a bank bailout. Treasury Department officials briefed lawmakers yesterday on measures to contain fallout from the collapse.
  • WaPo: “Critics have warned that any support from the government could set a troubling precedent, leading other banks to expect federal authorities to intervene if they went under. It could also spark a populist backlash over the appearance of U.S. taxpayer money going to save some of the country’s richest residents.”
  • Senator Tim Scott (R-SC) said yesterday: “Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks...”

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