President Joe Biden speaks about the banking system in the Roosevelt Room of the White House in Washington, Monday, March 13. AP-YonhapBank stocks around the world plunged on Monday even as President Joe Biden vowed to take whatever action was needed to ensure the safety of the U.S. banking system after the sudden collapse of Silicon Valley Bank and Signature Bank. Biden said his administration's actions over the weekend meant "Americans can have confidence that the banking system is safe," while also promising stiffer regulation after the biggest U.S. bank failure since the 2008 financial crisis. Bob, who did not want to provide a last name speaks with press after exiting Silicon Valley Bank's headquarters in Santa Clara, Calif., on Monday, March 13. SVB Financial Group and two top executives were sued on Monday by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit "particularly susceptible" to a bank run.

Source: The Times March 14, 2023 02:31 UTC