U.S. President Joe Biden sought to reassure jittery consumers and markets that the U.S. financial system is on solid footing, promising to hold those responsible for the collapse of two banks to account and saying he would urge Congress to strengthen…
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said Monday at the White House after the collapse of Silicon Valley Bank and Signature Bank raised fears of a full-blown banking crisis.
Biden said no losses would be borne by taxpayers, that he would ask Congress to strengthen banking regulations and that those responsible for the banks’ collapses would be held accountable. U.S. authorities took extraordinary measures Sunday to shore up confidence following the bank failures, including a new backstop for banks that Federal Reserve officials said was large enough to guarantee the nation’s deposits. The collapse of SVB Financial Group last week is the second-largest bank failure in U.S. history, stoking concerns about oversight of the industry.
A financial crisis would pose a major challenge to Biden ahead of the expected launch of his 2024 reelection campaign. Republicans have accused the president’s policies of fuelling inflation, while some on the left have questioned the pace of the Fed’s rate hikes.
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