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Los Angeles Times

National

Courtney Subramanian

Biden says banking system is safe, blames Trump for Silicon Valley Bank failure

Donald Trump Silicon Valley Bank Joe Biden Signature Bank Barack Obama Washington D.C.

WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” following the failure of Silicon Valley Bank and closure of Signature Bank last week.

“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said in remarks at the White House before leaving for a three-day visit to California and Nevada.

Biden blamed the bank collapses on former President Trump’s 2018 decision to scrap some Obama-era banking rules.

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