By Jasmine Browley ·Updated April 10, 2023
On March 13, President Biden addressed the collapse of Silicon Valley Bank in an attempt to reassure panicked Americans that the U.S. banking industry was safe, quipping that customers’ deposits will “be there when you need them.”
That same day, the Federal Reserve and the Federal Deposit Insurance Corporation issued a joint statement claiming they would take steps to “fully protec[t] all depositors and
