Biden Administration , Takes Action Following , Silicon Valley Bank Shutdown.br Biden Administration , Takes Action Following , Silicon Valley Bank Shutdown.br On March 13, President Joe Biden said that people br should remain confident in the banking system br following the collapse of Silicon Valley Bank last week.br On March 13, President Joe Biden said that people br should remain confident in the banking system br following the collapse of Silicon Valley Bank last week.br Thanks to the quick action of my br administration over the past few days, br Americans can have confidence that br the banking system is safe. Your deposits br will be there when you need them, Joe Biden, President of the United States, via NBC.br Thanks to the quick action of my br administration over the past few days, br Americans can have confidence that br the banking system is safe. Your deposits br will be there when you need them, Joe Biden, President of the United States, via NBC.br NBC reports that it was, the second-largest bank failure, in the history of the United States.br In an attempt to ease uncertainty regarding br the U.S. banking system, President Biden br addressed actions his administration plans to take.br According to Biden, the administration br will implement measures to protect br customers' deposits and safeguard U.S. taxpayers, br while also holding responsible parties accountable.br According to Biden, the administration br will implement measures to protect br customers' deposits and safeguard U.S. taxpayers, br while also holding responsible parties accountable.br In my administration, no one br is above the law. And finally, br I must reduce the risk br of this happening again, Joe Biden, President of the United States, via NBC.br NBC reports that Biden suggested that both Silicon Valley Bank and Signature Bank, another institution included in br the plan, should be placed under new management.br NBC reports that Biden suggested that both Silicon Valley Bank and Signature Bank, another institution included in br the plan, should be placed under new management.br If the bank is taken over by FDIC, br the people running the bank br should not work there anymore, Joe Biden, President of the United States, via NBC.br According to Biden, the administration br would also ask Congress and regulators br to bolster rules for banks.br According to Biden, the administration br would also ask Congress and regulators br to bolster rules for banks.br Americans can rest assured br that our banking system is safe. br Your deposits are safe.