Silicon Valley Bank collapse live updates: • U.S. moves to protect all deposits at Silicon Valley Bank in bid to stem wider fallout • President Biden says 'the banking system is safe' • Biden says no taxpayer money will be used to cover losses
President Joe Biden said Monday morning that Americans can have confidence that the U.S. banking system is safe, and that their deposits"would be there when they need them" in the wake of the collapse of Silicon Valley Bank.Last week, he said, his administration learned of problems at Silicon Valley Bank and the impact those problems could have, and instructed his administration"to quickly protect" U.S. banking interests.
“I was expecting that the SVB folks would address the elephant in the room,” Chapman said. “But nobody said a thing about it.”
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