US President Joe Biden delivered remarks after the collapse of the Silicon Valley Financial institution. (File)
Washington:
US taxpayers won’t be on the hook for the rescue of depositors on the failed SVB financial institution, President Joe Biden mentioned Monday, telling People that the disaster was below management.
Whereas the federal government is making certain that SVB depositors get their a reimbursement, “no losses can be borne by the taxpayers,” he mentioned. “The cash will come from the charges that banks pay into the deposit insurance coverage.”
(Aside from the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)
Source link
