President Joe Biden is insisting that the nation’s banking system is safe. The president sought to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures. Despite the message from the White House, investors continued to dump shares in bank stocks. U.S. regulators closed the Silicon Valley Bank on Friday after depositors rushed to withdraw their funds all at once. It was the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. New York-based Signature Bank also failed.
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