Amid crisis, Biden tells Americans ‘banking system is safe’

"Your deposits are safe," Biden said Monday.


(ABC NEWS)—President Joe Biden spoke out Monday morning in an effort to reassure Americans there is no need for panic after federal agencies stepped in following the failures of two big banks over the weekend.

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

The federal government said Sunday that all depositors at Silicon Valley Bank and Signature Bank will be protected and be able to get access to their money Monday morning, with the funds coming from special fund set up by the nation’s banks and from the sale of the banks’ assets, not from taxpayers.

“No losses will be borne by the taxpayers,” Biden repeated Monday.

“Because of the actions that our regulators already taken, every American should feel confident that their deposits will be there if and when they need them,” he continued. “Second, the management of these banks will be fired. If the bank is taken over by FDIC, the people running the bank should not work there anymore.”

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