After delivering a dull address on banking rules on Monday morning, President Joe Biden rushed from the stage, refusing to answer reporters’ shouted questions as he locked the door to the Roosevelt Room.
Biden stated that two banks had been shut down by federal regulators. “All customers who had deposits in these banks can rest assured they’ll be protected and they’ll have access to their money as of today.”
“Should all depositors be protected at all banks?”, a reporter yelled as Biden ended his speech and departed the platform.
WATCH: Biden refuses to take any questions after he delivers remarks on the economy. pic.twitter.com/MiX6vOri9g— Daily Caller (@DailyCaller) March 13, 2023
Several of Biden’s statements, such as “We must get the full accounting of what happened and why those responsible can be held accountable,” may leave viewers perplexed.
BIDEN: "We must get the full accounting of what happened and why those responsible can be held accountable." 🤔 pic.twitter.com/7Xd7sLOSTI— RNC Research (@RNCResearch) March 13, 2023
Also, President Biden said he would push for tighter controls on financial institutions, but he offered no specific examples or even overarching policy recommendations.
The greatest collapse of private banks since the financial crisis of 2008 has prompted federal intervention. The latest craze was started by Silicon Valley Bank last week when rumors spread that the bank’s investment strategy may prevent consumers from accessing assets.
Authorities shut down the crypto-focused Signature Bank on Sunday after a run on the bank’s deposits raised concerns about the situation spreading further.