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US President Joe Biden has assured the people and businessmen of the country that the proposal for the closure of Silicon Valley Bank will not pose any threat to the taxpayers’ money and they should be sure that they will get their money deposited in the bank when they need it. Biden said in a statement late Sunday that he would also provide information on Monday about how the US would maintain a resilient banking system to protect economic reforms.

California-based Silicon Valley Bank, the 16th largest in the US, was shut down by the California Department of Financial Protection and Innovation on Friday. Later the Federal Deposit Insurance Corporation has been appointed as its receiver. Biden said that at his direction, the Secretary of the Treasury and the Director of the National Economic Council worked diligently with banking regulators to resolve the problems at SVB and Signature Bank.

The US President said, “I am pleased that they have reached a quick solution to this problem, which protects American workers and small businesses and provides security to our financial system.” The solution also ensures that taxpayers’ money is not put at risk. The American people and businesses must have confidence that they will be able to access their savings when they need it.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.