untitled design

Biden says he will do “whatever necessary” to contain banking crisis after SVB collapse

US President Joe Biden pledged this Monday (13) to do whatever is necessary to address a banking crisis threatened by the collapses of Silicon Valley Bank and Signature Bank, which forced regulators to step in with emergency measures.

Biden’s speech came after weekend moves by the United States to secure deposits at SVB, a lender focused on the tech sector, failed to reassure investors about the health of other banks around the world.

The STOXX European banking index fell 5.8% on Monday and was on course for its biggest two-day drop since March 2022, shortly after Russia invaded Ukraine. Germany’s Commerzbank fell 12.7%, while Credit Suisse hit a new record low after falling more than 15%.

Biden said his administration’s swift action over the weekend should give Americans confidence that the US banking system is safe, adding that he will ask Congress and regulators to strengthen banking rules.

“Americans can be assured that the banking system is safe. Your deposits will be there when you need them.”

*In update

Source: CNN Brasil

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular