Joe Biden’s top budget director Shalanda Young was unable to answer the most basic question about the US banking system during an appearance on CNN’s “State of the Union” on Sunday.
Silicon Valley Bank collapsed and was under FDIC receivership by Friday after a run on the bank.
Depositors withdrew more than $40 billion from Silicon Valley bank by late Thursday and Friday morning.
FDIC auction was underway on Sunday for Silicon Valley Bank.
The final bids are due on Sunday.
Fear of contagion is now spreading after depositors were seen lining up at First Republic Bank branch in Los Angeles on Saturday.
I’ve never seen a bank run in Brentwood Los Angeles in over 40 years — this is at first republic bank branch. People standing in rain pic.twitter.com/k31PqqpyO3
— pjb.eth (@Dr_PhillipB) March 11, 2023
CNN’s Kaitlan Collins on Sunday asked Shalanda Young if the US banking system is “safe and secure” after SVB’s collapse.
Shalanda Young punted the question to Janet Yellen.
“I think the voice here is our Treasury Secretary who is our lead and working with regulators, um, that’s the appropriate person we should listen to here,” she said.
She was unable to answer a basic question.