The unexpected seizure of two banks in three days by regulators have intensified fears of a broader financial crisis, even as President Biden reassured Americans that the banking system was resilient and that customers’ money was safe. Following the collapse of Silicon Valley Bank and Signature Bank, banks of various sizes in different parts of the country — from San Francisco-based First Republic Bank to Salt Lake City-based Zions Bank — have been at the center of the turmoil as customers rushed to withdraw their deposits and investors, worried about more runs, re-evaluated their value. In response to the failures of the two banks, Mr. Biden gave a brief televised statement from the White House on Monday, saying that the government was responding decisively in ways that would protect depositors without rewarding risk-taking executives and investors. “Americans can rest assured that our banking system is safe — your deposits are safe,” the president said. “Let me also assure you we will not stop at this; we’ll do whatever is needed.”

Source: CNN March 14, 2023 21:07 UTC