WASHINGTON — “This is not 2008”: That was the mantra of Biden administration officials Monday as they sought to reassure investors and the public that a regulatory takeover of two failed banks and rescue of their depositors, along with newly implemented safeguards, would be enough to avert a broader crisis in the financial system.
As stocks opened a jittery day of trading that brought large losses for some regional banks, notably San Francisco-based First Republic, President Joe Biden declared the underlying banking infrastructure “safe and secure” from aftershocks brought about by the fatal run on Silicon Valley Bank.
“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.
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