Last Updated: March 13, 2023, 19:29 IST
US President Joe Biden (File picture/AFP)
President Joe Biden tells US residents that the nation’s monetary programs are sound, following the swift and beautiful collapse of two banks that prompted fears of a broader upheaval
US President Joe Biden on Monday instructed US residents that the nation’s monetary programs are sound, following the swift and beautiful collapse of two banks that prompted fears of a broader upheaval.
American can have faith that the banking system is protected, he mentioned from the Roosevelt Room earlier than a visit to the West Coast. Your deposits can be there whenever you want them.
US regulators closed the Silicon Valley Bank on Friday after it skilled a conventional financial institution run, the place depositors rushed to withdraw their funds . It is the second largest financial institution failure in U.S. historical past, behind solely the 2008 failure of Washington Mutual.
In an indication of how briskly the monetary bleeding was occurring, regulators introduced that New York-based Signature Bank had additionally failed.
The president, talking from the Roosevelt Room shortly earlier than U.S. markets opened, mentioned he’d search to carry these accountable and pressed for higher oversight and regulation of bigger banks. And he promised no losses could be borne by taxpayers.
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(This story has not been edited by News18 workers and is revealed from a syndicated information company feed)
