Asked if there was still a danger of runs on other regional banks, the official said the U.S. banking system was in “a vastly better position right now” than if the actions had not been taken and depositors should have confidence their funds would be protected.
“We’re dedicating a lot of time to making sure that we’re navigating through this okay,” said the official, adding that the White House was in close touch with Treasury and the Federal Deposit Insurance Corporation about potential problems at other banks that were about the same size as SVB.
SVB’s shutdown on Friday – followed two days later by the collapse of New York-based Signature Bank – has roiled global markets and forced U.S. President Joe Biden to rush out assurances that the financial system is safe and prompted emergency U.S. measures giving banks access to more funding.
“We’re certainly monitoring what’s going on at First Republic. They’re one of the banks that has…
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