On Monday, U.S. President Joe Biden delivered remarks on maintaining a secured banking system and protecting the country's economic recovery following the collapse of Silicon Valley Bank (SVB).
Biden outlined the steps his administration took to ensure safety of the American banking system.
"Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe," the president said.
Biden outlined the steps his administration took to ensure safety of the American banking system.
Federal Deposit Insurance Corporation seized the assets of SVB on Friday, marking the most significant bank failure since Washington Mutual during the height of the 2008 financial crisis.
The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money, creating a run on the bank.
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