WASHINGTON (Reuters) -The White House said on Monday that the U.S. banking system is safe despite stress on some institutions after two American banks collapsed, ratcheting up fears of a contagion that prompted U.S. 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.
(Reporting by Jeff Mason; writing by Jasper Ward and Heather Timmons; Editing by Doina Chiacu and Nick Zieminski)