Monday, March 13, 2023

OnPolitics: Biden preaches confidence after bank fails

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

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