Biden To Address Nation as Government Moves To Avert Potential Banking Crisis

Regulators had worked all weekend to try to find a buyer for Silicon Valley Bank, the second-largest bank failure in history. Those efforts appeared to have failed Sunday, as another institution, Signature Bank, failed and was seized by federal regulators.

AP/Jeff Chiu
A Silicon Valley Bank branch at Santa Clara, California, March 10, 2023. AP/Jeff Chiu

The government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down. President Biden announced he would speak about the situation later today.

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