Biden: ‘Rest assured that our banking system is safe’

BANK

Continued from Page A2 arrangements between SVB and its customers to determine their impact on the bank’s collapse. Allowing such a high concentration of these ratesensitive customers with primarily uninsured deposits at any single bank strikes us as a compelling risk to the stability of the bank, the banking system, and to taxpayers writ-large that merits further inquiry,” the letter adds.

It’s unclear if other banks will fail soon, but the White House is trying to reassure Americans that they will likely not be impacted.

“Americans can rest assured that our banking system is safe,” President Biden said on Monday.

“Your deposits are safe.”

There is also legislation backed by Democrats looking to tax bonuses and require profits from stock sales by bank executives that oversaw a failure to be turned over in order to support the FDIC, The Center Square reported.