3/24, 10:14 PM (Source: TeleTrader)
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Biden: More deposits could be secured if instability hits

United States President Joe Biden underlined on Friday that the Federal Deposit Insurance Corporation (FDIC) could use its power to guarantee deposits exceeding $250,000 in case of "more instability."

"What's going on in Europe isn't a direct consequence of what is happening in the United States," the country's 46th president argued during the joint press conference with Canada's Prime Minister Justin Trudeau. Biden added that the banks across the country are in "pretty good shape" and that people's savings remain secured.

"I don't see anything that's on the horizon that is about to explode," Biden said, expressing the optimism that the middle-sized banks might be able to "survive" despite the uncertainty looming over the sector.

Baha Breaking News (BBN) / AB