Biden estimated that banks in the United States are no longer in danger

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Biden estimated that banks in the United States are no longer in danger

Biden estimated that banks in the United States are no longer in danger – RIA Novosti, 03/18/2023

Biden estimated that banks in the United States are no longer in danger

US President Joe Biden believes there will be no banking crisis in the country. RIA Novosti, 03/18/2023

2023-03-18T02:43

2023-03-18T02:43

2023-03-18T02:43

UNITED STATES

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Europe

Joe Biden

american federal reserve system

Silicon Valley bankruptcy

credit suit

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WASHINGTON, March 18 – RIA Novosti. US President Joe Biden believes there will be no banking crisis in the country. “Yes,” Biden answered when asked by reporters whether the situation for banks in the country had calmed down, the American leader was quoted as saying by the White House pool. In March, California regulators closed Silicon Valley Bank (SVB), the largest bank failure in the United States since the 2008 financial crisis. The collapse of the SVB was found to be associated with a the Fed, which led to the depreciation of assets on the balance sheets of many financial institutions. US authorities have announced support measures. Additionally, the closure of crypto-focused bank Silvergate and similar New York-based Signature Bank has been announced. In Europe, one of Switzerland’s largest banks, Credit Suisse, has run into trouble. Economists in an article for the Social Science Research Network pointed out that another 186 banks in the United States are at risk: if uninsured depositors start closing their accounts, insured depositors will face depreciation and authorities will have to to intervene.

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usa, california, europe, joe biden, us federal reserve, silicon valley bank failure, credit suisse

Biden estimated that banks in the United States are no longer in danger