President Biden defended the stability of the US banking system on Monday morning after the stunning collapse of Silicon Valley Bank sparked fears of a major economic crisis.
“Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”and avert a meltdown in the banking sector.
Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery.The Treasury Department designated both SVB and Signature Bank as systemic risks, clearing the way for the extraordinary measures. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.AFP via Getty Imagesand PacWest Bancorp dropping 24%.The FDIC shut down SVB last week, marking a stunning downfall for a tech lender once favored by startups and venture capital firms.
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