WASHINGTON — President Joe Biden said Monday that the U.S. banking system is “safe and secure” after 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.
But while the system as a whole may prove safe, the danger remains that liquidity issues now confined to a few medium-size banks could crop up at similar banks, putting their depositors and investors at risk and widening the circle of economic fallout.
