Biden Says Trump Administration To Blame For SVB Collapse

US President Joe Biden has attributed blame for the collapse of Silicon Valley Bank to the administration of former President Donald Trump.

• Biden said the Trump administration "rolled back some of the requirements" of the Dodd-Frank Act, which Biden claimed was put in place by the Obama administration to prevent a repeat of the 2008 financial crisis.
• Biden: "Thanks to the quick action of my administration over the past few days, Americans can have confidence the banking systems is safe."
• Biden: "All customers who had deposits in these banks can rest assured that they are protected and will have access to their money as of today."
• Biden: "No losses will be borne by the tax payers. Instead the money will come from the fees the banks pay into the bank insurance fund."
• Biden: "The management of these banks will be fired. If the bank is taken over by FTIC the people running the bank should not work there anymore."
• Biden: "Investors in the banks will not be protected. They knowingly took a risk and when the risk didn't pay off investors lose their money. This is how capitalism works."