US President Joe Biden says the government’s swift actions to help depositors in two banks should give the public confidence the US banking system is safe.
Biden says US banking system ‘safe’ after SVB collapse
US President Joe Biden has declared the US banking system “safe” and vowed stiffer bank regulation after US regulators were forced to step in with a series of emergency measures after Silicon Valley Bank and Signature Bank collapsed, threatening to trigger a broader crisis.
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said.
The managers of the banks will be fired, Biden noted, and investors will lose money.
“They knowingly took a risk, and when the risk didn’t pay off his adjusters lose their money. That’s how capitalism works,” he said.