Banking system secure after Silicone Valley Bank Collapse – Biden

Silicon Valley Bank
Silicon Valley Bank

The United States President Joe Biden, on Monday, reassured Americans that they can have confidence in the U.S. banking system following the collapse of Silicon Valley Bank, and quell any concerns about the fallout from its abrupt failure.

“Americans can have confidence that the banking system is safe,” Mr Biden said in a brief remark from the White House.

“Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier, knowing they’ll be able to pay their workers and pay their bills, and hard-working employees, can breathe easier as well,” Biden said.

Recall that Prudence Journal on Friday, March 10, reported the collapse of Silicon Valley Bank, which created concerns across financial markets about the health of the U.S. banking system.

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