President Biden Remarks on Banking and the Economy

C-SPAN: President Biden addressed government steps over the weekend to prevent a banking crisis following the collapse of Silicon Valley Bank. The president argued the “quick action” by the Federal Reserve, Treasury and Federal Deposit Insurance Corporation (FDIC) means “Americans can have confidence that the banking system is safe.” He also said any losses would “not be borne by the taxpayers.” Instead, fees paid by banks into a government insurance fund would cover any losses.