Joe Biden: Thanks to My Administration ‘the Banking System is Safe’

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In a brief statement Monday addressing the stunning collapse of Silicon Valley Bank and Signature Bank, Joe Biden sought to assure worried Americans that the U.S. banking system is in good hands.

“Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”

As he was speaking, the stocks of four other banks—First Republic Bank, PacWest, Regions and Western Alliance Bancorp—were halted for volatility.

Biden faulted “the previous administration” for rolling back regulations that he claimed would prevented the current banking crisis, and pledged to overhaul the system to “make it less likely this kind of bank failure would happen again and to protect American jobs and small businesses.” Biden didn’t bring up how the massive inflation of the past two …

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