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President Biden says Americans should “feel confident” in their banking system after his administration’s response to the collapse of Silicon Valley Bank and Signature Bank last week.
Biden reiterated a statement from the FDIC and Treasury Department during public remarks Monday morning, telling reporters that the federal government would guarantee depositors at the banks access to their funds. He added that no such protection is being offered to the banks’ investors, however.
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This is a developing story. Check back soon for updates.
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