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Biden speaks after collapse of Silicon Valley Bank | LIVE

CA, 13 Mar 2023
U.S. President Joe Biden will deliver remarks on maintaining a resilient banking system and protecting the country's economic recovery following the collapse of Silicon Valley Bank (SVB).

Federal Deposit Insurance Corporation seized the assets of SVB on Friday, marking the most significant bank failure since Washington Mutual during the height of the 2008 financial crisis.

The bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money, creating a run on the bank.

For more info, please go to https://globalnews.ca/news/9542681/silicon-valley-bank-seizure-what-happened/

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