Country’s financial system strong: Biden
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Before heading to the West Coast, he said from the Roosevelt Room, “Americans can trust that the nation’s banking system is safe. When you need it, you will get your deposit. The US administration shut down the Silicon Valley bank on Friday after witnessing a rush among depositors to withdraw money.
US President Joe Biden told the countrymen on Monday that the country’s financial system is strong. After the closure of two banks in America, he said this with the aim of reducing the fear generated among the depositors. Before heading to the West Coast, he said from the Roosevelt Room, “Americans can trust that the nation’s banking system is safe. When you need it, you will get your deposit. The US administration shut down the Silicon Valley bank on Friday after witnessing a rush among depositors to withdraw money.
It is the second largest bank failure in US history, behind only the 2008 failure of Washington Mutual. Showcasing the severity of the financial crisis, regulators announced that Signature Bank of New York had also failed. Shortly before the US stock market opened, the President said that the responsibility of those who are responsible for this will be fixed. Also talked about taking steps for better inspection and regulation of big banks. He promised that there would be no loss to the taxpayers. The US and UK governments are taking steps to prevent a possible banking crisis. US regulators worked through the weekend to find a buyer for the Silicon Valley bank. But they were not successful in this.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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