Last Update: March 13, 2023, 7:29 pm IST
US President Joe Biden (File photo/AFP)
President Joe Biden told US residents that the country’s financial system is strong after the swift and surprising collapse of two banks sparked fears of widespread turmoil
US President Joe Biden told US residents on Monday that the country’s financial system is sound after the swift and surprising collapse of two banks sparked fears of widespread turmoil.
Before traveling to the West Coast, he told the Roosevelt Room that Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.
US regulators shut down the Silicon Valley bank on Friday after it experienced a traditional bank run where depositors rushed to withdraw their funds in one go. It is the second largest bank failure in US history, behind only the 2008 failure of Washington Mutual.
In a sign of how fast the financial bleeding was happening, regulators announced that New York-based Signature Bank had also failed.
Speaking from the Roosevelt Room shortly before US markets opened, the president said he would like to hold those responsible and push for better oversight and regulation of big banks. And he promised that there would be no loss to the taxpayers.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)