Biden speaks on the U.S. banking system after SVB, Signature Bank collapse — 3/13/23

President Joe Biden delivers remarks on maintaining a resilient banking system and protecting our historic economic recovery after Silicon Valley Bank and Signature Bank collapse.

Banking regulators devised a plan Sunday to backstop depositors with money at Silicon Valley Bank
, a critical step in stemming a feared systemic panic brought on by the collapse of the tech-focused institution.

Depositors at both failed SVB and Signature Bank in New York, which was shuttered Sunday over similar systemic contagion fears, will have full access to their deposits as part of multiple moves that officials approved over the weekend. Signature had been a popular funding source for cryptocurrency companies.

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Biden speaks on the U.S. banking system after SVB, Signature Bank collapse — 3/13/23