Home » World News » Biden backs tougher penalties for executives of failed banks in wake of collapses
Biden backs tougher penalties for executives of failed banks in wake of collapses
CCP-linked Silicon Valley Bank depositors could be ‘made whole’ by US: Yellen
Treasury Secretary Janet Yellen said that, under the current agreement, Chinese Communist Party-linked (CCP) Silicon Valley Bank depositors could be ‘made whole’ by the U.S. banking system.
President Biden spoke out in favor of tougher penalties for bank executives who drive institutions to failure through mismanagement.
Biden released the statement Friday afternoon, reflecting on the collapse of Silicon Valley Bank and Signature Bank.
"This week, we took decisive action to stabilize the banking system without putting taxpayer dollars at risk," Biden said. "That action was necessary to protect jobs and small businesses, and no losses will be borne by the taxpayers. Our banking system is more resilient and stable today because of the actions we took."
SILICON VALLEY BANK'S HOLDING COMPANY FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION IN NY