President Joe Biden addressed the closures of Silicon Valley Bank and Signature Bank today (March 13, 2023), telling Americans to "have confidence" in the banking system because the administration is taking steps to hold those responsible "accountable."
The president promised that the banks' customers will "have access to their money" today and that taxpayers will not be forced to bail out the banks.
The Federal Deposit Insurance Corporation (FDIC) took control of the New York -based Signature Bank on March 12, after the collapse of Silicon Valley Bank (SVB).
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