Despite the collapse of two banks and a depositor bailout, another Great Recession isn't on the way, the White House said Monday.
Speaking aboard Air Force One, White House press secretary Karine Jean-Pierre said that protections such as the Dodd-Frank Act mean that bank failures will not spiral into an economic crisis."This is not 2008," she said."The Obama/Biden administration put in place tough requirements to ensure banks have more capital and sufficient liquid assets.
Though the Biden administration has said it will not bail out banks, it will fully guarantee deposits in SVB, which Republicans have described as being a very similar move in practice.
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