Biden says “banking system is safe” after SVB collapse
March 13, 2023 | Erin Doherty | 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.
The big picture: 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 added that he will ask Congress and regulators to strengthen the rules for banks to “make it less likely this kind of bank failure would happen again.”
• He also vowed a “full accounting” of how the collapse happened and said that the management of banks being taken over by the FDIC will be fired.
