Former White House press secretary-turned-MSNBC host Jen Psaki revealed on Monday that President Joe Biden is a "night owl."
According to her, his early morning remarks at 9 a.m. show just how "vital" he considers the Silicon Valley Bank collapse to be.
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"It is important to note President Biden does nothing at 9 a.m. He is a night owl. So, the fact that he is doing this at 9 a.m. anyway speaks to how vital the White House recognizes it is for him to have his voice out there conveying that to the American public," she said on Morning Joe, prior to the president's speech.
Psaki added that now that the policy decisions have been announced, "the key for the president is calming the public because, as Steve said, the banks are opening. The markets will be open."
"What he needs to project to the public is, 'We’ve got this. We have a plan. We made some decisions. We are addressing this,'" she said.
Later, during Biden's remarks, he reassured the public that the banking system would be safe.
"All customers who had deposits at these banks can rest assured they'll be protected and they'll have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills, and stay open for business," he explained.
"The bottom line is this: Americans can rest assured that our banking system is safe. Your deposits are safe," Biden claimed. "Let me also assure you, we will not stop at this. We'll do whatever is needed."
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On Sunday, federal bank regulators announced that the Federal Deposit Insurance Corporation will use emergency measures to ensure that Silicon Valley Bank deposits are paid in their entirety.
"Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer," according to a joint statement by the Treasury, Federal Reserve, and FDIC.