Despite President Joe Biden’s claims of stabilizing the banking industry, it’s clear that his administration’s quick action has not been enough to prevent the collapse of multiple banks. While Biden tried to reassure the public that their deposits would be safe, his comments blaming the Trump administration for rolling back federal regulations only served to deflect responsibility from his own administration’s shortcomings.
Biden’s claims about the Dodd-Frank law preventing bank failures are questionable at best. The fact that Silicon Valley Bank and Signature Bank, which were subject to these regulations, still collapsed shows that these regulations may not be effective in preventing financial crises.
Overall, it’s clear that Biden’s speech was more about political posturing than actually addressing the root causes of the banking failures, as he took note of his “quick action.”
Biden addressed the failures of Silicon Valley Bank and New York Signature Bank on Monday, saying:
“Thanks to the quick action in my administration over the past few days, Americans can have confidence that the banking system is safe,”
“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills. And their hardworking employees can breathe easier as well.”
Biden further emphasized the need for stricter regulations on banks and pledged to ask Congress and banking regulators to strengthen the rules to make it less likely for this type of bank failure to happen again. He highlighted the measures taken during the Obama-Biden administration, including the Dodd-Frank law, to ensure that the crisis seen in 2008 would not happen again. Unfortunately, the previous administration had rolled back some of these requirements, which had contributed to the recent failures.
Biden would go on to add:
“We must get the full accounting of what happened and why those responsible can be held accountable… And my administration, no one is above the law. And finally, we must reduce the risks of this happening again.”
“During the Obama-Biden administration, we put in place strict requirements on banks like Silicon Valley bank and Signature bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again,”
“Unfortunately, the last administration rolled back some of these requirements.”
The Silicon Valley Bank announced a $1.75 billion share sale last week after suffering heavy losses from the liquidation of a $21 billion bond portfolio. SVB is the 16th-largest bank in the United States and lends to nearly half of the venture-backed technology and healthcare companies in California’s Silicon Valley. The Federal Deposit Insurance Corporation (FDIC) said on Friday that SVB was closed by the California Department of Financial Protection and Innovation.
Signature Bank in New York would go on to be closed by state officials on Sunday, prompting a statement from Treasury Secretary Janet Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg. They announced a similar systemic risk exception for Signature Bank and assured depositors that they would be made whole, and no losses would be borne by taxpayers.
Biden’s speech attempted to placate public fears by assuring them that their deposits were secure, but it failed to address the root causes of the recent bank failures. While he talked about stricter regulations, his administration has yet to propose any concrete plans to prevent similar failures from happening again. His focus on accountability seems more like a political maneuver than a genuine effort to find solutions to the underlying issues.
Biden is a stupid fool I think the whole world knows this by now. The bank mess is on him and so is everything else. Everything he touches goes to shit. He has not done 1 good thing for America. He is a lying, cheating, corrupt fool that has no business being in any office
If the crap Dodd-Frank law had been weakened by Trump, why didn’t old Joe’s Administration fixed it? At what point has Joe been out from of anything? His leadership technique is eventual reactive.
Hey, Xiden, remember that sign Truman had on his desk? That applies to you as well as your predecessors.
Blah! blah!All the buffoon has got is to try to shed blame for his TOTAL ENCOMPETENCE WHO WILL HE BLAME FOR HIS STUPIDY WHEN HE’S DRIVEN FROM THE WHITE HOSE AS A COMPLETE PROVE IDIOT????
He’s always blaming someone else….been in power 2 yrs. If something goes right he’s
there to take credit….if something goes wrong hey it’s not me the the other guy.
His ( PATTERN ) Nothing new here wouldn’t you say?
If Joe Biden told me that my butt was on fire, I wouldn’t even look backwards.
This comes from someone who regularly gets lost on the white house lawn .. has the world record for gaffes .. gives away our billions to his buddies .. puts every American life in danger with his open border policy .. several killed by illegals .. does a #1 and #2 in his pants .. swam nude in front of female secret service agents when he was vp .. made his daughter shower with him .. and now he needs flash cards and a teleprompter to tell him what to say. He is in stage 6 of 7 with his dementia.
What kind of imbecile would actually believe “anything” that lying sob says. That sob would climb a flagpole to tell a lie when he could stand on the ground and tell the truth. Liar, cheat, corrupt, incompetent…a perfect representative of the democ Rat party.
Enough is enough the truth is the officers who dump their stock beforehand must forfeit their ill gotten gains and prosecuted for their insiders trading. The clown puppet President is flat out lying about the banking industry and his supporters in the banking industry will Scrutinizes the any bailout unloading worthless properties and foreclosure’s to recover their losses. Congress must block every effort to protect taxpayers from this hole sale profiteering by the banks to COVER THEIR BACKSIDES THEIR SHAREHOLDERS SHOULD AND MUST BEAR THE BRUNT OF THEIR BANKING LEADERSHIP FAILURE AND FACE THE CONSEQUENCES FOR THEIR FAILURES AND SHOULDN’T BE REWARDED WITH A GOVERNMENT BAILOUT!!
Lying Biden strikes again!
I have never called Biden the p word and never will. Everything that is wrong with our country is due to biden and his administration including the rinos. biden had one goal when he took office to finish what obama had started and undo all that President Trump had done. This country was in good shape when biden and his coherts cheated in the election. See but my faith is in Jesus and so I have nothing to worry about. Judgement day is coming and what a day that will be.
What a fool and liar….His inflation resulted in higher interest rates which resulted in losses of bank investments which caused the banks to fail …this corrupt election stealing narcissist is totally destroying America…..beyond repair…..Gee thanks DemonRats
Its Trumps fault, has been for over 6 years now. Hehe. Guess what, he has my vote again if hes nominated.
Bumbling Biden gets 4 Pinochios every time he opens his lying mouth. Only the Dumbocrats actually believe his whoppers and they are finally starting to doubt him. This deceitful clown is so out of touch with reality that he actually can not tell any portion of the truth at all and must be removed from the position that he was installed in (he never did win the legitimate voting). Speaking honestly, he is a great reason for term and age limits.
Stop the blame game Bumbling Biden, you in the mirror are at fault and have caused much harm to our citizens. The only believers you have left are any Dumbocrats that dont know better yet.
Since old Joe doesn’t take questions he can get away with blatant falsehoods, and if he did take a question, it would be from an approved MSM lacky.
biden says no one during his administration is above the law. that’s a hoot. unless you are a biden or pelosi or shummer or shifty or any leftist commie democrook or blm or antifa . what acrock of horse crap.
Biden is responsible for all the bad economic news. One problem causes another. When Democrats start messing with the economy to promote their socialist agenda, that is what happens.
No economy can carry on normally while wasting billions on an unjust war adventure like Ukraine!