The sudden collapse of Silicon Valley Bank and Signature Bank has sent shockwaves through the global stock markets, raising concerns about the stability of the US banking system. HSBC has swooped in to rescue the UK arm of Silicon Valley Bank for a symbolic one pound, helping to mitigate the fallout from the largest bank collapse since the 2008 financial crisis. The Federal Reserve Board has also stepped in to provide additional funding to eligible depository institutions to ensure all depositors are able to access their funds. President Biden has vowed to hold those responsible accountable for the failures of these major banks.

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