The American people can have confidence that the U.S. banking system is safe, President Joe Biden said in a prepared address.
While speaking before his visit to California on Monday, the president outlined his administration’s plan surrounding Silicon Valley Bank (SVB) and Signature Bank.
“Your deposits will be there when you need small businesses across the country,” Biden said. “The deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and can pay their bills. And their hard-working employees can breathe these as well.”
He explained that all customers, including small businesses, who had deposits at SVB and Signature would have access to their money immediately….