HENDERSON, Ky (WEHT) – President Biden is saying the banking sector is safe after the collapse of Silicon Valley Bank in California. The treasury department said it is staking action to contain the fallout after the bank shut down on Friday.
Officials say steps are in place to protect Silicon Valley Bank investors and prevent additional bank runs. Still, many wonder how this could happened and how it could affect their bank account.
Kristoph Kleiner, Associate Professor of Finance at the IU Kelley School of Business spoke with Shelley Kirk on Eyewitness News First at Four to answer the question ‘Is our money safe?’ You can view their full interview in the video player above.