The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal government takes action to protect the affected depositors.

Knowing that numerous other entities tied to the collapsing banks may suffer irreparable damage, President Biden announced, on March 12, his commitment to hold the responsible people accountable for the event.

Biden assured the American citizens that their traditional financial system was safe now following the federal intervention. He further stated that taxpayers will not be burdened for saving SVB-Signature Bank depositors.

(By ARIJIT SARKAR)