Biden: Government To Ensure Customers Can Withdraw Money

The NPR Politics Podcast

NPR

Politics, Daily News, News

4.5 • 24.9K Ratings

🗓️ 13 March 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Biden administration has announced that customers of Silicon Valley Bank will have full access to their deposits, an extraordinary move by federal officials to backstop billions of dollars in uninsured money. In remarks Monday morning, the president indicated he was confident in the banking system after a few high-profile bank closures last week.

This episode: White House correspondent Tamara Keith, national political correspondent Mara Liasson, and chief economics correspondent Scott Horsley.

The podcast is produced by Elena Moore and Casey Morell. It is edited by Eric McDaniel. Our executive producer is Muthoni Muturi. Research and fact-checking by Devin Speak.

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Transcript

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0:00.0	Hi, this is Meg calling from Northrop Virginia where I am spending time with my daughter Marty and my Shiba Inu Walter while I get ready for my night shift
0:08.3	Why work at the Northrop International Terminal as an assistant operations manager?
0:12.4	This podcast was recorded at
0:15.2	105 p.m. Eastern Daylight Time on Monday the 13th of March things may have changed by the time you hear this but when things were certain
0:23.3	I will be happy to be home
0:25.4	Cuddling with my favorite two people. All right enjoy the show
0:30.0	Hey there. It's the NPR politics podcast. I'm Tamer Keith. I cover the White House and I'm Mara Laiason National Political Correspondent
0:39.7	We've also got Scott Horsley here in PR's chief economics correspondent good to be with you
0:44.7	So today we are talking about two high-profile bank failures that have happened in the last few days
0:51.3	President Biden spoke this morning to reassure Americans that the financial system is strong today
0:57.2	Thanks to the quick action of my administration over the past few days
1:01.1	America can have confidence that the banking system is safe these were the first bank failures in the US since 2020
1:08.7	And the meltdown of Silicon Valley bank is the biggest since the financial crisis of
1:14.6	2008 and the second largest in US history
1:17.5	Scott you and I both covered the financial crisis in
1:20.8	2008 and this moment does feel different but anytime a bank fails
1:25.6	It is quite unnerving. So let's just start with the beginning here. What happened with Silicon Valley bank?
1:33.3	Yes, so the Valley bank as the name suggests has a lot of customers that are tech companies
1:38.0	including a lot of startups many of them had a lot more money in the bank than the quarter million dollars that's
1:45.3	Usually covered by deposit insurance
1:47.7	Of course the tech sector has fallen on hard-ish times lately so some of those companies were
1:53.1	drawing more money out of the bank and as a result Silicon Valley bank had to sell some of its government bonds at a big loss
	...

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