After SVB sale, White House says banking system is ‘safe’

The White House said on Monday that the US banking system is safe despite stress on some institutions after two American banks collapsed, ratcheting up fears of a contagion that prompted US officials to respond.

Asked whether the worst of the banking crisis was behind the country after failed Silicon Valley was purchased with the aid of a government backstop, the White House’s top spokesperson said Americans should not worry.

“Because of the decisive actions that we have seen … from our administration, the banking regulators and also the Treasury Department, the banking system is safe,” White House press secretary Karine Jean-Pierre told reporters. “Americans can be confident,” she said.