Biden Claims U.S. Banking System Is ‘Safe’ After SVB Collapse

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Evelyn Hockstein/Reuters

Joe Biden gave a message of reassurance Monday about the health of the U.S. banking system after the stunning collapse of Silicon Valley Bank and Signature Bank.

“Americans can rest assured that our banking system is safe,” Biden said in a statement at the White House. “Your deposits are safe. Let me also assure you we will not stop at this; we’ll do whatever is needed.”

The government has guaranteed all deposits in the pair of failed banks, with Biden saying that customers will “have access to their money as of today.” “That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business,” Biden said.

Read more at The Daily Beast.