Breaking news: President Biden sought to assure the nation Monday that “the banking system is safe” following the collapse of Silicon Valley Bank last week. Speaking from the White House, Biden said, “your deposits will be there when you need them.”
President Biden sought to assure the nation Monday that “the banking system is safe” following the collapse of Silicon Valley Bank last week. Speaking from the White House, Biden said, “your deposits will be there when you need them.” Officials had announced that depositors with money at the failed California bank would be paid back in full and able to access their money Monday morning. Biden also said he is asking Congress and regulators to take steps to make similar episodes less likely.
Authorities said they were also extending protection to depositors of a second bank, Signature Bank of New York, which state regulators closed on Sunday as unease in the financial sector spread. The Federal Reserve announced that it was creating a lending facility for the nation’s banks, designed to buttress them against financial risks caused by Friday’s collapse of SVB.
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