The White House said on Monday that the US banking system is safe despite stress on some institutions after two American banks collapsed.
“Because of the decisive actions that we have seen … from our administration, the banking regulators and also the Treasury Department, the banking system is safe,” White House press secretary Karine Jean-Pierre told reporters.
The collapse of Silicon Valley and Signature banks ratcheted up fears of a contagion that prompted US officials to respond.
First Citizens BancShares to acquire failed Silicon Valley Bank.
US authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank and Signature Bank, as regulators guaranteed insured and uninsured deposits at the two institutions.
The Federal Reserve also launched a new backstop for lenders and altered rules at its emergency lending facility to help them meet deposit withdrawals.
Source: Qatar News Agency
