Biden sidesteps questions on banking crisis, leaves press meet midway

Washington: US President Joe Biden left a press briefing on the Silicon Valley Bank and Signature Bank collapses midway, inviting criticism even as he reiterated assurances about the safety of the US banking system.
At the press meet, Biden’s remarks mentioned “maintaining a resilient banking system and protecting our historic economic recovery”.
A reporter asked Biden, “President, what do you know right now about why this happened? And can you assure Americans that there won’t be a ripple effect?”
Even as the President began walking towards the exit of the room without saying a word, another reporter asked, “Will other banks fail, President?” However, Biden left the room without answering any questions.
Comments were deactivated on the White House YouTube stream airing the press meet.
Bank stocks around the world plunged on Monday even as Biden vowed to take action to ensure the safety of the US banking system after the sudden collapse of Silicon Valley Bank and Signature Bank.
Biden’s efforts to reassure markets and depositors came after emergency US measures to shore up banks by giving them access to additional funding failed to dispel investor worries about potential contagion to other lenders worldwide. The White House said the Treasury Department is working with regulators on the next steps.
Biden had earlier dodged reporter’s questions after making a statement about the “spy balloon” incident in China.

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