OnPolitics: Biden preaches confidence after bank fails

Federal regulators took over two banks after the largest failure since height of 2008 crisis.

Read in browser Read in browser On Politics Mon Mar 13 2023 Hey there, OnPolitics readers. The fallout from Silicon Valley Bank's failure prompted President Joe Biden to speak to taxpayer concerns from the White House today.  As Francesca Chambers reports:  "Americans can have confidence that the banking system is safe," Biden said at the White House. "Your deposits will be there when you need them." Biden said "no losses" from the collapse would be borne by taxpayers, and the money would come from the fees banks pay into the Deposit Insurance Fund. What else: After taking control of SVB, federal regulators this weekend also determined another bank presented a systemic risk and took it over too.  💰 Keep reading: Banking crisis: President Joe Biden says taxpayer money won't be used to bail out SVB, Signature Bank  💰 More updates: Silicon Valley Bank, Signature Bank failures explained, live updates on new developments 📨 Get politics updates sent to your inbox: Sign up for this newsletter President Biden greenlights controversial Willow project in Alaska Biden approved the Willow project in Alaska, a move that would boost domestic oil production on federal land despite criticism from his green base. READ MORE Biden's Australian sub deal to boost U.S. production amid China tensions Australia will buy three to five nuclear-powered attack submarines from the U.S. as part of the AUKUS partnership to counter China, Biden said Monday. READ MORE Trump probably won't talk to grand jury in Stormy Daniels case: attorney A Manhattan grand jury is investigating the $130,000 that went to former porn star Daniels just before Donald Trump's 2016 presidential election. READ MORE Hate crimes were up 11.6% in 2021, revised FBI stats show The FBI report released Monday showed slightly more than 9,000 criminal offenses in 2021. READ MORE GOP senator wants changes to Social Security, Biden budget in shredder President Biden and Republicans have clashed over a federal spending plan, with Republicans calling for cuts in exchange for raising the debt limit. READ MORE House GOP subpoenas Hunter Biden associates, Democrat says House Republicans subpoenaed records from Hunter Biden associates and dropped a demand for Trump's financial records, the panel's top Democrat said. READ MORE Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback