The Silicon Valley Bank collapsed and left many worried that this could affect other banks. NBC News reports:
President Joe Biden said Monday that people should “rest assured” after his administration acted to ease uncertainties about the banking system in the wake of the collapse of Silicon Valley Bank last week, the second-largest bank failure in U.S. history.
The president spoke about the actions taken by his administration to give the country confidence that the banking system is safe.
“Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”
Biden explained that he instructed his team to protect U.S. workers and small businesses and detailed their actions to protect customers’ deposits and not put taxpayer dollars at risk, to hold those responsible accountable, and not to protect investors in the bank.
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