成人X站

President Joe Biden on Monday told Americans the nation鈥檚 financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.

鈥淵our deposits will be there when you need them,鈥� he said.

U.S. regulators closed the聽聽after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. But the financial bloodletting was swift; New York-based Signature Bank also failed.

The president, speaking from the White House shortly before a trip to the West Coast, said he鈥檇 seek to hold those responsible accountable, and pressed for better oversight聽. And he promised no losses would be borne by taxpayers.

鈥淲e must get the full accounting of what happened,鈥� he said. 鈥淎merican can have confidence that the banking system is safe.鈥�

Biden also said management of the banks should be fired. 鈥淚f the bank is taken over by the FDIC, the people running the bank should not work there anymore,鈥� he said, referring to the Federal Deposit Insurance Corp., the agency responsible for ensuring the stability of the banking system.

At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history. Another beleaguered bank, First Republic Bank, announced Sunday that it had bolstered its financial health by gaining access to funding from the Fed and JPMorgan Chase.

罢丑别听聽as trading began Monday. The Asian and European markets fell but not dramatically, and U.S. futures were down.

In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money.

鈥淭his step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,鈥� the agencies said in a joint statement.

Britain also moved quickly, working throughout the weekend to arrange the sale of Silicon Valley Bank UK Ltd., the California bank鈥檚 British arm, for the nominal sum of one pound.

While the bank is small, with less than 0.2% of U.K. bank deposits according to central bank statistics, it had a large role in financing technology and biotech startups that the British government is counting on to fuel economic growth.

Jeremy Hunt, Britain鈥檚 Treasury chief, said some of the country鈥檚 leading tech companies could have been 鈥渨iped out.鈥�

鈥淲hen you have very young companies, very promising companies, they鈥檙e also fragile,鈥� Hunt told reporters, explaining the why authorities moved so quickly. 鈥淭hey need to pay their staff and they were worried that as of 8 a.m. this morning, they might literally not be able to access their bank account.鈥�

He stressed that there was never a 鈥渟ystemic risk鈥� to Britain鈥檚 banking system.

Silicon Valley Bank began its slide into insolvency when it was forced to dump some of its treasuries at at a loss to fund its customers鈥� withdrawals. Under the Fed鈥檚 new program, banks can post those securities as collateral and borrow from the emergency facility.

The Treasury has set aside $25 billion to offset any losses incurred. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.

Though Sunday鈥檚 steps marked the most extensive government intervention in the banking system since the 2008 financial crisis, the actions are relatively limited compared with what was done 15 years ago. The two failed banks themselves have not been rescued, and taxpayer money has not been provided to them.

Some prominent Silicon Valley executives feared that if Washington didn鈥檛 rescue their failed bank, customers would make runs on other financial institutions in the coming days. Stock prices plunged over the last few days at other banks that cater to technology companies, such as First Republic and PacWest Bank.

Among the bank鈥檚 customers are a range of聽, where many wineries rely on Silicon Valley Bank for loans, and technology startups devoted to combating climate change.

Tiffany Dufu, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was testing her resiliency.

Given that her money was tied up at Silicon Valley Bank, she had to pay her employees out of her personal bank account. With two teenagers to support who will be heading to college, she said she was relieved to hear that the government鈥檚 intent is to make depositors whole.

鈥淪mall businesses and early-stage startups don鈥檛 have a lot of access to leverage in a situation like this, and we鈥檙e often in a very vulnerable position, particularly when we have to fight so hard to get the wires into your bank account to begin with, particularly for me, as a Black female founder,鈥� Dufu said. ___ Rugaber and Megerian reported from Washington. Sweet and Bussewitz reported from New York. Associated Press Writers Hope Yen in Washington, Jennifer McDermott in Providence, Rhode Island, and Danica Kirka in London contributed to this report.