President Joe Biden addressed the nation Monday to assure Americans that the banking system is safe after the collapse of Silicon Valley Bank and Signature Bank. In his speech, he highlighted the immediate action that his administration has taken.
Customers’ deposits will be protected: Customers will “have access to their money as of today. That includes small businesses across the country that bank there and need to make payroll, pay their bills and stay open for business,” Biden said, adding that no losses will be suffered by the taxpayers.
“Instead, the money will come from the fees that banks pay into the deposit insurance fund,” he explained.
