Biden: 'Americans Can Rest Assured Their Banking System Is Safe'

Although President Biden didn't say it in this morning's statement, I will: Blame Trump. And the Fed's higher interest rates.

Remember, after the 2008 crash, banks holding certain amounts of money in deposits were subject to "stress tests" by federal regulators. What does that mean? It was designed to ensure those banks were liquid enough to provide depositors their money, should the amount of withdrawals increase above a typical amount.

Guess who did away with the stress tests? President Hotel Concierge, who saw his job as simply handing his donors whatever they asked for, without regard to the long term risks.

Forbes columnist Mayra Rodriguez Valladares explains here:

Anyone who doubted how detrimental Trump administration policies would be should analyze the damage unfolding for those trampled by Silicon Valley Bank’s collapse. On May 24, 2018, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Reform Act”). This was a regulatory relief bill for regional and community [banks] bill, which bank lobbyists and numerous politicians had fought hard for.

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