President Biden defended the U.S. banking system’s stability after the collapse of Silicon Valley Bank. While the impacted depositors will have their money guaranteed, Biden noted that “investors in the banks will not be protected,” and he added the feds will get a “full accounting of what happened and why.†Despite preventative measures, bank stocks were hammered in premarket trading on Monday due to fears of a major financial crisis. As the 16th largest bank in the U.S., SVB’s downfall is the second largest bank failure of all time and the U.S. economy’s most significant since the Great Recession in 2009.
