US President Biden on SVB rescue: Bank deposit solution avoids putting taxpayer dollars at risk

Dhwani Mehta FXStreet

Commenting on the Silicon Valley Bank (SVB) depositor rescue plan, US President Joe Biden said early Monday, the solution avoids putting taxpayer dollars at risk.

Additional comments

“Treasury secretary and National Economic Council director reached solution with banking regulators.”

“American people and American businesses can have confidence that their bank deposits will be there when they need them.”

“Committed to 'holding those responsible for this mess fully accountable'.”

“Will deliver remarks on Monday morning on how we will maintain a resilient banking system to protect our historic economic recovery.”

“Plans to continue efforts to strengthen oversight of larger banks.”

Market reaction

Fears over the SVB fallout seem to wane during mid-Asia, as the Fed and Treasury come out with a bailout plan. The S&P 500 futures have jumped about 1.20% so far, reclaiming the 3,900 mark. Meanwhile, the US Dollar Index is on the back foot, testing the 104.00 level, reeling from the mixed US employment data-led pain.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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