Biden: The Banking Crisis is Receding

U.S. President Joe Biden stated that the banking crisis following the recent collapse of Silicon Valley Bank and Signature Bank is receding. Biden sought to reassure investors and depositors that the global banking system is safe, after financial stocks lost billions of dollars in value since the collapse of the two mid-sized American banks last week. Earlier this week, Biden promised Americans that their deposits are secure. When asked if the banking crisis has calmed down, he replied, "Yes."