President Joe Biden told Americans Monday that the nation’s financial system is safe. Biden made the comments after the collapse of two large banks with ties to the computer technology industry. U.S. regulators closed the Silicon Valley Bank on Friday after a run on the bank. A bank run happens when too many account holders withdraw their money at the same time and the bank cannot honor their requests. The bank’s failure is the second largest in U.S. history, after the 2008 failure of Washington Mutual, based in Seattle. New York-based Signature Bank failed on Monday. The bank had more than $110 billion in assets. That makes its failure the third largest in U.S. history. Biden said he would seek to hold those responsible accountable. He also called for better oversight and regulation of large banks. He promised no losses would be paid for by taxpayers.
Title: US Finance Officials Take over Two Failed Banks
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/A15.wav' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='US Finance Officials Take over Two Failed Banks' data-article-id='6424'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='8208'>President Joe Biden told Americans Monday that the nation’s financial system is safe. </span> <span data-start-time='8208' data-end-time='17813'>Biden made the comments after the collapse of two large banks with ties to the computer technology industry.</span> <span data-start-time='17813' data-end-time='25542'>U.S. regulators closed the Silicon Valley Bank on Friday after a run on the bank. </span> <span data-start-time='25542' data-end-time='36271'>A bank run happens when too many account holders withdraw their money at the same time and the bank cannot honor their requests. </span> <span data-start-time='36271' data-end-time='47854'>The bank’s failure is the second largest in U.S. history, after the 2008 failure of Washington Mutual, based in Seattle.</span> <span data-start-time='47854' data-end-time='52729'>New York-based Signature Bank failed on Monday. </span> <span data-start-time='52729' data-end-time='57500'>The bank had more than $110 billion in assets. </span> <span data-start-time='57500' data-end-time='62979'>That makes its failure the third largest in U.S. history.</span> <span data-start-time='62979' data-end-time='68771'>Biden said he would seek to hold those responsible accountable. </span> <span data-start-time='68771' data-end-time='74833'>He also called for better oversight and regulation of large banks. </span> <span data-start-time='74833' data-end-time='80104'>He promised no losses would be paid for by taxpayers.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/5818/A15.jpeg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=19309 data-hint-location='17813' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/which_of_the_following_is_a_definition_of_the_word_regulator.wav'>Which of the following is a definition of the word regulator?</div><div class='choices' data-correct-choice='an official or agency that is part of the government that controls a public activity by making and enforcing rules'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/a_doctor_of_philosophy.wav'><span>a doctor of philosophy</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/a_small_scale_used_in_chemistry.wav'><span>a small scale used in chemistry</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/a_musical_instrument.wav'><span>a musical instrument</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/an_official_or_agency_that_is_part_of_the_government_that_controls_a_public_activity_by_making_and_enforcing_rules.wav'><span>an official or agency that is part of the government that controls a public activity by making and enforcing rules</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=19310 data-hint-location='36271' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/what_was_the_name_of_the_bank_that_was_involved_in_the_largest_bank_failure_in_us_history.wav'>What was the name of the bank that was involved in the largest bank failure in U.S. history?</div><div class='choices' data-correct-choice='Washington Mutual'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/washington_mutual.wav'><span>Washington Mutual</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/signature_bank.wav'><span>Signature Bank</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/silicon_valley_bank.wav'><span>Silicon Valley Bank</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/piggy_bank.wav'><span>Piggy Bank</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=19311 data-hint-location='25542' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/a_bank_run_happens_when_too_many_account_holders__blank__their_money_at_the_same_time_and_the_bank_cannot_honor_their_requests_.wav'>A bank run happens when too many account holders <span class='blank'>withdraw</span> their money at the same time and the bank cannot honor their requests. </div><div class='choices' data-correct-choice='withdraw'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/wonderful.wav'><span>wonderful</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/withdraw.wav'><span>withdraw</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/whip.wav'><span>whip</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5818/writhe.wav'><span>writhe</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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