President Biden defended the stability of the US banking system on Monday morning after the stunning collapse of Silicon Valley Bank sparked fears of a major economic crisis.
“Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”
The president sought to reassure worried Americans and small business owners even as regional bank stocks led by First Republic Bank plunged in premarket trading Monday due to fears that SVB’s meltdown would prompt a nationwide flurry of withdrawals.
Biden also blasted executives at SVB and other failing banks, declaring that those whose actions prompted the current crisis “will be fired.”
Read more at https://nypost.com/2023/03/13/biden-defends-stability-of-us-banking-system-after-silicon-valley-banks-stunning-collapse/
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