United States President Joe Biden asserted on Monday that the country's banking system is safe despite the sell-off prompted by the collapse of Silicon Valley Bank.
Biden told the press that taxpayers won't pay for losses the market registered following SVB's crash. On the other hand, the president insisted the bank's management will be fired while there won't be protections for involved investors.
Biden also stressed that his administration will work on reducing the risks of a similar event happening in the future, announcing he will ask Congress to further strengthen banking rules.