White House: have faith in regulators when asked about SVB Financial

U.S. President Biden delivers remarks on deficit reduction in Washington
White House Council of Economic Advisers Chair Cecilia Rouse listens as U.S. President Joe Biden delivers remarks on deficit reduction from the Roosevelt Room at the White House in Washington, D.C., U.S., October 21, 2022. REUTERS/Sarah Silbiger

WASHINGTON, March 10 (Reuters) - The White House on Friday said it had faith and confidence in U.S. financial regulators, when asked about the failure of SVB Financial Group (SIVB.O), the largest bank failure since the 2008 financial crisis.

Cecilia Rouse, who chairs the Council of Economic Advisers, expressed confidence in regulators when asked about the institution, which was shut down on Friday by a California banking regulator.

Rouse said the U.S. banking system was fundamentally stronger than it was during the 2008 financial crisis.

Reporting by Jeff Mason and Andrea Shalal; Editing by Franklin Paul

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