Biden's Leadership Tested as Banks Collapse and Deposit Insurance is Tapped Further

President Joe Biden expressed confidence in the US banking system and said that federal deposit insurance could be used for deposits above $250,000 if other US banks fail. Biden's statement comes after the collapse of Silicon Valley Bank and Signature Bank this month, which has caused a crisis of confidence among regional lenders. Biden, US Treasury Secretary Janet Yellen, and other banking regulators have issued statements to reassure the public that the US banking system is safe.