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Biden says "banking system is safe" after SVB collapse
President Biden said Monday that "Americans can rest assured that our banking system is safe, your deposits are safe" after the collapse of Silicon Valley Bank. The big picture: Biden promised to do "whatever is needed" to prevent any additional bank runs. SVB's collapse was the second-largest bank failure in U.S. history. • Biden added that he will ask Congress and regulators to strengthen the rules for banks to "make it less likely this kind of bank failure would happen again." • He also vowed a "full accounting" of how the collapse happened and said that the management of banks being taken over by the FDIC ... (full story)
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