On Monday, US President Joe Biden sought to reassure the American people that the banking system is stable in a live speech, reports Reuters.
Biden emphasizes that he will work to implement stronger rules for banks, but said that those who invested in the collapsed banks will not be protected.
“Investors in the banks will not be protected. They knowingly took a risk, and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.”
– Joe Biden, President of the United States
The turmoil in the banking sector has sent several bank shares to fall on Wall Street, with the major bank Bank of America plummeting over 4%.
