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Silicon Valley Bank collapse and fallout
After the swift collapse of two banks, many Americans are riddled with fear, wondering if they will be affected.
On Friday, the Silicon Valley Bank experienced the second largest bank failure in the country after a traditional bank run, which is when depositors withdraw funds all at once. Not long after, the Signature Bank in New York also collapsed.
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On Monday, President Joe Biden assured the public that there was no threat to the nation’s financial systems, hoping to ease the worries of myriads throughout the country.
“Your deposits will be there when you need them,” he said.
We’re working for you to get your questions answered. Wondering how the bank collapse happened in the first place or how it will affect you? Leave your question in the form below and we’ll get you answers!
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Jazmine Otey joined the 10 News team in February 2021.
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