Biden Seeks to Reassure U.S. After Two Banks Collapse

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UNITED STATES – United States President Joe Biden says the U.S. will do “whatever is needed” to shore up banks after a string of failures raised fears about financial stability.

Silicon Valley Bank, which specialized in lending to technology companies, collapsed over the weekend after a sudden rush of withdrawals.

It was followed by New York-based Signature Bank.

Shares in U.S. regional banks have tumbled as investors worry about a broader financial crisis.

Biden insisted, Monday, the nation’s banking system was safe, despite investors continuing to dump shares in bank stocks.