“Second bank failure in three days in the US”

Signature Bank has approximately $110.4 billion in assets and approximately $88.6 billion in deposits as of December 31, 2022, and the bank is FDIC insured.

The statement emphasized that DFS is working closely with other institutions to monitor market trends in order to protect consumers, maintain the stability of the global financial system and the healthy functioning of the institutions it regulates.

The United States took measures to increase confidence in the banking system

US President Joe Biden has said they will continue their efforts to increase oversight and regulation of big banks to avoid situations like Silicon Valley Bank and Signature Bank failing.

Biden made a statement regarding actions aimed at increasing confidence in the banking system.

Stating that his instructions were hard at work on resolving issues at Silicon Valley Bank and Signature Bank over the weekend, Biden expressed satisfaction with a quick solution that protects American workers and small businesses and keeps the financial system safe.

Stressing that the decision also ensures that taxpayer money is not at risk, Biden pointed out that Americans and businesses can access bank deposits when they need it.

After pointing out what to do to avoid facing similar problems again, Biden said: “I am determined to hold the perpetrators of this mess accountable and continue our efforts to increase oversight and regulation of the big banks to ensure this situation never happens again. Tomorrow morning, I will explain how we will maintain a sound banking system to preserve our historic economic recovery.” used phrases. sputniknews