Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank

Biden Insists Financial System Is ‘Safe’ Following Failures of SVB, Signature Bank
President Joe Biden speaks during the 2023 International Association of Fire Fighters Legislative Conference in Washington, D.C., on March 6, 2023. Saul Loeb/AFP via Getty Images
Tom Ozimek
Updated:
0:00

President Joe Biden on Sunday issued a statement on the failures of Silicon Valley Bank (SVB) and Signature Bank, insisting that the U.S. financial system is “safe” after the Federal Reserve rolled out an emergency lending program to stabilize the banking system.

It comes after the Federal Deposit Insurance Corporation (FDIC) expanded its deposit insurance coverage at the two failed banks so depositors won’t lose any money.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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