Biden Says U.S. Banking System Is Safe After SVB, Signature Collapse | U.S. Banks Collapse | News18
U.S. President Joe Biden pledged on Monday (March 13) to do whatever is needed to address a banking crisis threatened by the collapses of Silicon Valley Bank and Signature Bank, which forced regulators to step in with emergency measures.
Biden's address came after weekend moves by the United States to guarantee deposits at collapsed tech-focused lender SVB failed to reassure investors about the health of other banks around the world.
Biden said his administration's rapid action over the weekend should give Americans confidence that the U.S. banking system is safe, adding that he was going to ask Congress and regulators to strengthen bank rules.
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