The US president, Joe Biden, has said his administration moved swiftly to protect depositors after two bank failures, containing the potential financial fallout. 'Americans can have confidence that the banking system is safe,' Biden said. 'The deposits will be there when you need them.'
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Biden said he would press for stiffer regulations after the failures of Silicon Valley Bank and Signature Bank this weekend – the biggest US bank failure since the 2008 financial crisis. His economic team worked with regulators on the measures over the weekend, he said, which include guaranteeing deposits in both banks, setting up a facility to give banks access to emergency funds, and making it easier for banks to borrow from the Federal Reserve in emergencies.
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#Biden #SiliconValley #financialcrisis #USbanks #banking
