WASHINGTON, March 13 (KUNA) — US President Joe Biden affirmed Monday that the banking system is “safe” after the collapses of Silicon Valley Bank and Signature Bank.

“Americans can have confidence that the banking system is safe,” Biden said in remarks at the White House.

“Your deposits will be there when you need them.” Biden highlighted the “immediate action” his administration has taken, saying “the management of these banks will be fired,” “investors in the banks will not be protected” and that “we must get the full accounting of what happened and why those responsible can be held accountable.” “In my administration, no one is above the law,” he stressed. “Finally, we must reduce the risk of this happening again.” Biden continued that he is going to ask Congress and the banking regulators “to strengthen the rules for banks to make it less likely this kind of bank failure would happen again and to protect American jobs and small businesses.” (Pickup previous) si.mb

Source: Kuwait News Agency