Biden reassures Americans that banking system is safe in wake of collapses

Quick Take

  • “Americans can have confidence that the banking system is safe,” Biden said in a White House speech.
  • Signature Bank and Silicon Valley Bank management will be fired, and investors will not be bailed out, Biden said, reiterating statements from his administration made over the weekend. 

U.S. President Joe Biden assured American citizens that the banking system is safe following the collapses of Signature Bank and Silicon Valley Bank. 

“Americans can have confidence that the banking system is safe,” Biden said. “All customers who had deposits with these banks can rest assured that they’ll be protected and will have access to their money as of today.”

Biden's address, and the maneuvering announced by regulators over the weekend, is an attempt to halt further bank runs. U.S. financial authorities