Americans can ‘have confidence’ in banking system, says U.S. President Joe Biden

The U.S. President reassured that their banking system is safe despite sudden collapse of SVB.

President Joe Biden on March 13, 2023 reassured Americans that their banking system is safe in the wake of the sudden collapse of SVB and the federal takeover of a second bank.

“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” he said in televised remarks from the White House.

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“US taxpayers will not be on the hook for the rescue of depositors at the failed SVB bank,” Mr. Biden said, telling Americans that the crisis was under control.

While the government is ensuring that SVB depositors get their money back, “no losses will be borne by the taxpayers,” he said. “The money will come from the fees that banks pay into the deposit insurance.”