SVB collapse: Biden reassures Americans 'the banking system is safe'

President Joe Biden sought to reassure the country Monday that the "banking system is safe" and that taxpayers would not bear any losses following the failures of Silicon Valley Bank and Signature Bank last week.

On Sunday, the Biden administration guaranteed Silicon Valley Bank deposits, including uninsured amounts, so customers will have access to their money as soon as Monday after the tech-focused institution collapsed last week. The intervention, along with the decision to wind down Signature Bank, is aimed at avoiding additional bank runs and helping business clients remain operational.

A law enforcement official, behind,...