MNI BRIEF:Biden-Banks In Good Shape, Gets Unease About Midsize
Biden says it will take time to restore calm.
U.S. President Joe Biden said Friday that while country's banks are in good shape with deposits remaining secure, it will take time to restore calm and prove the resilience of mid-sized institutions.
“The banks are in pretty good shape,” Biden told reporters after a meeting in Ottawa with Canadian Prime Minister Justin Trudeau. “What’s going on in Europe isn’t a direct consequence of what’s happening in the United States.”
“It’s going to take a little while for things to just calm down, but I don’t see anything that’s on the horizon that’s about to explode. But I do understand there’s an unease about this, and these midsize banks have to be able to survive, and I think they will be able to do that.” (See: MNI INTERVIEW: Financial Stress Could Be In Early Stage-Hoenig)