Biden: US Banking System Is Safe; Federal Government Limits Oil Drilling in 16 Million Alaskan Acres

President Joe Biden said the U.S. banking system is safe in a speech in the Roosevelt Room of the White House on Monday. Silicon Valley Bank and New York-based Signature Bank both folded last week, prompting concern among workers and depositors. These are the largest U.S. bank failures since the 2008 financial crisis.

The Biden administration is limiting oil drilling in 16 million acres of land in Alaska. The government says this will help reach the country’s climate goals and is in line with Biden’s campaign promise of moving away from oil.

The Internal Revenue Service has a reminder for retirees. If they turned 72 last year, they must take their first payment from their workplace retirement plans by April 1, or face penalties.