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President Joe Biden on Sunday took credit for creating a new lending mechanism to backstop banks after the banking meltdown over the weekend.

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the financial meltdown that began with the bursting of the housing bubble 15 years ago. Yet the pace this time around seems even faster. Over the last three days, the US has seized two banks after a run on Silicon Valley Bank. The Associated Press addresses what the US is doing and whether it will be enough.

Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe

WASHINGTON (AP) — Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe...

Over the last three days, the U.S. seized the two financial institutions after a bank run on Silicon Valley Bank, based in Santa Clara, California. It was the largest bank failure since Washington Mutual went under in 2008. How did we get here? And will the steps the government unveiled over the weekend be enough?