Government races to reassure US that banking system is safe

KIFI

Published March 13, 2023 1:38 AM

By KEN SWEET, CHRISTOPHER RUGABER, CHRIS MEGERIAN and CATHY BUSSEWITZ
Associated Press

NEW YORK (AP) — Depositors withdrew savings, and investors broadly sold off bank shares as the federal government raced to reassure Americans that the banking system is secure following two bank failures. President Joe Biden insisted Monday that the system is safe after the second- and third-largest bank failures in the nation’s history happened in the span of 48 hours. In response to the crisis, regulators guaranteed all deposits at the two banks. They also created a program that effectively thew a lifeline to other banks to shield them from a run on deposits.

Article Topic Follows: AP National Business

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Associated Press

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