Silicon Valley Bank: No losses will be borne by taxpayers, Biden says

Joe Biden has reassured Americans that the nation’s banking system is “safe” after the collapse of Silicon Valley Bank and Signature Bank.

The US president also said that “no losses will be borne by the taxpayers” and “instead the money will come from the fees that banks pay into the deposit insurance fund.”

“Americans can have confidence that the banking system is safe,” Mr Biden said, addressing the nation on Monday (13 March).

He added that the management of the collapsed banks would be “fired”.

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