Key Points
President Joe Biden on Monday told US residents the nations financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval...
American can have confidence that the banking system is safe, he said from the Roosevelt Room before a trip to the West Coast..
US 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..
The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said hed seek to hold those responsible and pressed for better oversight and regulation of larger banks..
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