Biden paints himself as hero for saving banking industry, blames Trump

President Joe Biden on Monday delivered a brief speech to address growing concerns of a banking crisis following the collapse of Silicon Valley Bank and Signature Bank late last week, which prompted multiple other banks to edge towards collapse.

U.S. regulators closed Silicon Valley Bank on Friday after depositors rushed to withdraw funds, making it the second largest bank collapse in U.S. history. The New York-based Signature Bank also collapsed, making it the third.

“Thanks to the quick action in my administration over the past few days, Americans can have confidence that the banking system is safe,” the president said.

“Your deposits will be there when you need them,” Biden added, insisting that the country’s banking system was secure, the Daily Wire reported. “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.”

“We must get the full accounting of what happened,” he said.

During the speech, Biden promised to hold the managers of the banks accountable for the collapse.

“If the bank is taken over by the FDIC, the people running the bank should not work there anymore,” he said, referring to the Federal Deposit Insurance Corp., which is responsible for ensuring the stability of the banking system.

During his remarks, Biden said he was focusing on reducing the risk of other financial institutions facing collapse. Over 30 small banks saw trading halted on Monday morning.

“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure the crisis we saw in 2008 would not happen again,” he said, before pinning the blame on the Trump administration for the burgeoning crisis. “Unfortunately, the last administration rolled back some of these requirements.”