The President’s Words on the Importance of safeguarding our banking system

U.S. President Joe Biden sought to reassure banking customers and markets after two U.S. banks collapsed, forcing the government to step in.

“Americans can have confidence that the banking system is safe,” Mr. Biden said in a statement.

“Your deposits will be there when you need them.”

The Presidents’s comments come after the failure of creditors to agree on a plan to rescue struggling German lender Deutsche Bank.

Deutsche Bank is one of the world’s biggest banks and its collapse would have had far-reaching consequences.

The U.S. government was forced to step in and provide temporary funding to German lender Commerzbank last week to help it weather the crisis.