A majority of 70 percent of Americans think it's the government's responsibility to prevent bank failures like SVB's.
The collapse of Silicon Valley Bank this month has caused as much concern among U.S. voters as it did among investors, according to a recentpoll which found that 77 percent of Americans fear for the security of their own money in the light of the California lender's meltdown.by Redfield & Wilton Strategies on March 20, think that it's the government's responsibility to prevent bank failures that potentially threaten the stability of the entire financial sector.
It's a heavy weight to put on the shoulders of the Biden administration, whose response to the SVB collapse received the approval of 42 percent of respondents to thepoll, while 26 percent neither approved nor disapproved, 18 percent disapproved of it and 14 percent didn't know what to think of it. Joe Biden pictured in the the East Room of the White House in Washington, DC, on March 21, 2023. Some 31 percent of respondents to an exclusive Newsweek poll consider Biden"significantly responsible" for the collapse of Silicon Valley Bank.Voters' dissatisfaction with the government's handling of the SVB collapse and the widespread panic that followed in the banking sector could have significant ramifications next year, when Americans head to the polls to vote for the next U.S.
The Biden administration acted swiftly to appease investors' fears and contain widespread damage to the banking sector in the immediate aftermath of the California lender's failure, telling depositors that they will be repaid in full regardless of whether they were insured or not, and shutting down New York-based Signature Bank to avoid contagion to the entire industry.
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