The American banking system is safe, Biden assured – News

“Americans can have confidence that the banking system is safe,” Biden said in a special address Monday afternoon.

“Your deposits will be available when you need them. Small businesses across the country that have deposit accounts at these banks can breathe easier knowing they will be able to pay their employees and pay their bills,” Biden added.

The American Central Bank (Fed) has opened a special account with $25 billion (CZK 555 billion). (Not only) the full amount of deposits should be returned to clients of bankrupt banks from this money.

Shares of European banks continue to weaken due to the fall of the SVB, Chinese shares strengthened


Biden repeated that he does not intend to use taxpayers’ money to solve the situation. But the government will not protect investors because, according to him, no one is above the law.

Friday’s closing of Silicon Valley Bank became the largest U.S. bank failure since the collapse of Washington Mutual in 2008.

Then on Monday, the Federal Deposit Insurance Corporation (FDIC) took control of Signature Bank. All savers will be compensated and there will be no loss to taxpayers, the US Treasury and banking regulators added in a joint statement.

US banks are failing. However, according to analysts, the crisis of 2008 is not imminent


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