US Taxpayers Will Not Be Accountable For Losses From Failed Financial institution: Biden
[ad_1]
US President Joe Biden delivered remarks after the collapse of the Silicon Valley Financial institution. (File)
US taxpayers is not going to be on the hook for the rescue of depositors on the failed SVB financial institution, President Joe Biden mentioned Monday, telling Individuals that the disaster was underneath management.
Whereas the federal government is making certain that SVB depositors get their a reimbursement, "no losses shall be borne by the taxpayers," he mentioned. "The cash will come from the charges that banks pay into the deposit insurance coverage."
(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
[ad_2]
0 comments