President Joe Biden is telling Americans that the nation’s financial systems are sound
March 13, 2023 at 9:43 am EDTPresident Joe Biden speaks about the banking system in the Roosevelt Room of the White House, Monday, March 13, 2023 in Washington. NEW YORK — — President Joe Biden on Monday told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
Biden also said management of the banks should be fired. “If the bank is taken over by the FDIC, the people running the bank should not work there anymore," he said, referring to the Federal Deposit Insurance Corp., the agency responsible for ensuring the stability of the banking system. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.
While the bank is small, with less than 0.2% of U.K. bank deposits according to central bank statistics, it had a large role in financing technology and biotech startups that the British government is counting on to fuel economic growth. The Treasury has set aside $25 billion to offset any losses incurred. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.
Tiffany Dufu, founder and CEO of The Cru, a New York-based career coaching platform and community for women, posted a video Sunday on LinkedIn from an airport bathroom, saying the bank crisis was testing her resiliency.
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