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Biden says US 'banking system is safe,' day after government steps in on two bank failures

He said that people who had deposits in Signature Bank in New York and Silicon Valley Bank in California will be able to access their deposits starting Monday.

Published: March 13, 2023 9:02am

Updated: March 13, 2023 10:05am

President Joe Biden on Monday attempted to reassure Americans that the U.S. banking system is safe, the morning after the government stepped in to make sure depositors can access their money from two banks that failed in the past three days.

"Americans can rest assured that our banking system is safe," Biden said from the White House, about an hour before Wall Street opens. "Your deposits are safe. Let me also assure you that we will not stop at this. We will do whatever is needed."

He said that people who had deposits in Signature Bank, which failed Sunday, and Silicon Valley Bank, which failed Friday, will be able to access their money starting Monday.

Silicon Valley Bank's collapse is one of the largest U.S. bank failures in history.

Making sure depositors can access all of their money in the banks is a joint effort among the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp.

He also said taxpayer dollars will not be used to pay for covering the deposits and "management of these banks will be fired" with the FDIC takeover.

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