Biden Seeks To Reassure US Citizens Amid Banking Concerns

Gage Skidmore, CC BY-SA 2.0 , via Wikimedia Commons

( – This past week, President Biden stated that he is confident that the U.S. banking system was still safe and that Americans would be able to access their deposits following the closure of two banks in the past few days.

Right before departing California, Biden said that Americans can feel confident that “our banking system is safe” and that their “deposits are safe.” He added that the government was going to take all the needed steps to ensure that.

President Biden has started to reassure the public that his administration has control of the situation following the announcement last week that regulators would be taking control of Silicon Valley Bank. Silicon Valley Bank was predominantly focused on the startup and venture capital-funded tech world. On Sunday, regulators also closed Signature Bank of New York which led to even more concerns about the banking system.

President Biden has stated that the government would be looking into “full accounting” to better understand the collapse of Silicon Valley Bank. He added that lawmakers would also be working to ensure that this did not occur again.

On Sunday, the Treasury Department announced that they would provide the funds in all the deposits in these banks and not just the $250,000 which is usually insured by federal law. They added that this is going to be an important job for stabilizing the banking system. Reports also say that federal authorities are launching an investigation into the collapse of Silicon Valley Bank. They will be looking to see if any laws were violated in the lead-up to the event.

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