'Americans can have confidence that the banking system is safe,' Biden said on Monday morning.
NEW YORK --
U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. Governments in the U.S. and Britain were both taking extraordinary steps to prevent a potential banking crisis.
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