Biden: US banking system safe after recent bank failures

US President Joe Biden said on Monday that the US banking system is safe, and the public can rest assured as he addressed the collapse of Silicon Valley Bank (SVB) and Signature Bank. He said all customers who had deposits in these banks, including ones in excess of $250,000, the highest level insured by the Federal Deposit Insurance Corporation (FDIC), are protected, but investors such as stockholders and bondholders of the bank will not be.