Biden confident in US banks despite potential for failure.

President Joe Biden expressed confidence in the stability of mid-sized US banks and said that federal deposit insurance could be used for deposits above $250,000 if other banks fail. This comes after the collapse of Silicon Valley Bank and Signature Bank this month, which has caused a crisis of confidence among regional lenders. Biden, along with Treasury Secretary Janet Yellen and other banking regulators, have issued statements to reassure the public that the US banking system is safe. However, investors have been dumping banking stocks globally over the past two weeks, with rapid interest rate increases to rein in inflation blamed by some as the root cause of the debacle.