Biden tries to calm fears after U.S. banks collapse

Worldwide bank stocks plunged following the shutdown of Silicon Valley Bank and Signature

U.S. President Joe Biden scrambled to restore confidence in America’s banking system after the swift and stunning collapse of two banks, Silicon Valley Bank and Signature Bank.

The collapses are prompting fears of a wider economic crisis.

The President addressed the nation before the stock market opened attempting to reassure Americans that their deposits are safe.

The speech follows a weekend that saw his administration take emergency measures to contain the damage from Bank runs at two of America’s largest firms.

As the President blames bank executives and Republicans for the failure of the Silicon Valley Bank and Signature Bank, critics say the Federal Reserve’s aggressive rate hikes meant to reign in rampant inflation are having devastating consequences for the American economy.