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

After SVB sale, White House says banking system is 'safe'
© Reuters. FILE PHOTO: General view of the White House in Washington April 26, 2015. REUTERS/Joshua Roberts

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.

Source: Investing.com

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