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President Joe Biden spoke out Monday morning in an effort to reassure Americans there is no need for panic after federal agencies stepped in following the failures of two big banks .
“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said from the White House.
The federal government said over the weekend that all depositors at Silicon Valley Bank and Signature Bank will be protected and be able to get access to their money Monday morning, with the funds coming from special fund set up by the nation’s banks and from the sale of the banks’ assets, not from taxpayers.
