Biden says “banking system is safe” after SVB collapse

Source: Axios

“President Biden said Monday that ‘Americans can rest assured that our banking system is safe, your deposits are safe’ after the collapse of Silicon Valley Bank. Biden promised to do ‘whatever is needed’ to prevent any additional bank runs. SVB’s collapse was the second-largest bank failure in U.S. history. … Biden also assured Americans that ‘no losses will be borne by the taxpayers.’ The money, instead, will come from the fees that banks pay into the Federal Deposit Insurance Corporation, Biden said.” (03/13/23)