Biden Reassures Americans: “Our Banking System is Safe

President Joe Biden on Monday reassured Americans that the banking system is safe following the collapse of Silicon Valley Bank, the second-largest bank failure in U.S. history.

In a speech that was only announced Sunday night, Biden laid out the actions his administration has taken to protect small businesses and workers in the wake of the regulator shutdowns of both Silicon Valley Bank and Signature Bank.

“Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe,” Biden said.

The president detailed the actions his team has taken to protect customers’ deposits and not put taxpayer dollars at risk, to hold those responsible accountable, and to ensure that small businesses and workers are not adversely impacted.

“We are backstopping depositors’ funds, making sure taxpayers are not on the hook, and holding those responsible accountable,” Biden said.

The president also said that his administration is working to ensure that small businesses and workers are not adversely impacted by the bank’s collapse.

“We are also working to make sure that small businesses and workers are not adversely impacted by this failure,” Biden said.

Biden concluded his speech by reiterating that the American banking system remains safe.

“Americans can rest assured that our banking system is safe,” Biden said.