The United States is facing an unprecedented situation after several banks recently failed, prompting authorities to take emergency measures to ensure financial stability. The government has announced that it will guarantee the deposits of Silicon Valley Bank and Signature Bank, which have had their assets seized.
President Joe Biden said that Americans should be reassured that the banking system is safe. Biden stated that the government will do whatever is necessary to ensure the safety of deposits.
In addition, The Federal Reserve has announced a new Term Bank Funding Program, which will provide assistance to banks through loans if they find themselves in a crisis situation. This measure is essential to help banks stabilize after the failure of SVB, which represents the largest failure of a U.S. bank since the 2008 financial crisis.
Despite the recent bank failures, the Government is doing everything it can to restore confidence in the financial system. As the government implements new measures, it expects financial stability to be maintained over the long term.