President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
“Americans can have confidence that the banking system is safe,” he said from the Roosevelt Room before a trip to the West Coast. “Your deposits will be there when you need them.”
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. Governments in the U.S. and Britain were both taking extraordinary steps to prevent a potential banking crisis. While those efforts appeared to have failed, officials assured all of the bank’s customers that they would be able to access their money on Monday.
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