New York, March 13 (BNA): US President Joe Biden told Americans on Monday that the country’s financial systems are safe, seeking to show calm in the wake of the rapid and stunning collapse of two banks that raised fears of broader unrest.
“Your deposits will be there when you need them,” he said.
US regulators shut down a Silicon Valley bank on Friday after it faced a classic bank run, as depositors scrambled to withdraw their money in one go.
It is the second-largest bank failure in US history, after that of Washington Mutual in 2008. But the financial bloodshed was swift. The New York-based Signature Bank also failed.
The president, speaking from the White House shortly before a trip to the West Coast, said he would seek to hold those responsible to account, and pressed for better oversight and regulation of the larger banks. He promised that the taxpayers would not bear any losses.
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