Biden says 'the banking system is safe' after Silicon Valley Bank shutdown

The president spoke about the actions taken by his administration to give the country confidence that the banking system is safe. “Thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe," Biden said. The president said the management of Silicon Valley Bank and Signature Bank, a second institution that was included in the plan, would be fired. Biden called for a "full accounting" of what led to the shutdown of Silicon Valley Bank and "why those responsible can be held accountable." Biden’s remarks come after federal regulators Sunday evening moved to protect all deposits at Silicon Valley Bank hours before global stock markets resumed trading.