03/13/2023

President Biden Speaks on Safety of U.S. Banking System Following SVB Collapse

The president used his speech to allay fears related to banking woes

This morning, President Joe Biden underscored that the American banking system remains safe, laying out how his administration is taking action to contain Silicon Valley Bank's collapse.

"Americans can rest assured that our banking system is safe," Biden said. "Your deposits are safe. Let me also assure you we will not stop at this. We will do whatever is needed stay on top of all this."

The president used his speech – which was only announced Sunday night – to allay fears, directly explaining what he has instructed his administration to do to protect small businesses and workers in the wake of a regulator shutdowns of both Silicon Valley Bank and Signature Bank over the last few days. These actions include backstopping depositors' funds, making sure taxpayers are not on the hook for these moves, holding accountable those responsible for the shutdowns and declining to extend relief to investors of Silicon Valley Bank.

Please select this link to read the complete article from CNN.