Biden reassures public on state of US banks despite potential for federal deposit insurance use.

President Joe Biden expressed confidence in the stability of mid-sized US banks and said federal deposit insurance could be used for deposits above $250,000 if other banks fail. The collapse of Silicon Valley Bank and Signature Bank has caused a crisis of confidence in regional lenders, prompting regulators to guarantee deposits. Biden, US Treasury Secretary Janet Yellen, and other regulators have issued statements to reassure the public that the US banking system is safe. Investors have dumped banking stocks globally over the past two weeks, with rapid interest rate increases blamed by some as the root cause of the debacle.