Biden insists banking system is safe after 2 bank collapses

By Ken Sweet, Christopher Rugaber, Chris Megerian and Cathy Bussewitz Associated Press

Posted March 13, 2023 3:02 PM

NEW YORK — President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.“Your deposits will be there when you need them,” Biden said.Despite the message from the White House, investors continued to dump shares in bank stocks. Shares of First Republic Bank plunged more than 70% even after the bank said …

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