President Biden sought to assure the nation Monday that “the banking system is safe” following the collapse of Silicon Valley Bank last week. Speaking from the White House, Biden said, “your deposits will be there when you need them.” Officials had announced that depositors with money at the failed California bank would be paid back in full and able to access their money Monday morning. Biden also said he is asking Congress and regulators to take steps to make similar episodes less likely. Still, the emergency measures did little to contain a sell-off in bank stocks, even those with no direct exposure to SVB.
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