Biden says U.S. banking system safe after Silicon Valley Bank failure

World Economy

President Joe Biden said Monday that people can rest assured that the U.S. banking system is safe following the failure of California-based Silicon Valley Bank.

“America can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said after U.S. regulators took control of the bank’s assets on Friday to avert a potential banking crisis.

Kyodo News

Kyodo News