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France 24
France 24
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FRANCE 24

Banking system is 'safe', Biden assures Americans after SVB collapse

Silicon Valley Bank United States US Federal Reserve Joe Biden Signature Bank Tiffany Dufu Silicon Valley FDIC the Federal Reserve
US President Joe Biden speaks about the country's banking system at the White House in Washington on March 13, 2023. © Andrew Harnik, AP

US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.

"Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," he said in televised remarks from the White House.

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