U.S. President Joe Biden is scheduled to speak about the U.S. banking system at 13:00 GMT.
In the statement on actions to strengthen confidence in the banking system, issued by the White House yesterday, President Biden said that he was pleased with the solutions the Treasury Secretary, National Economic Council Director, and the banking regulators reached to address problems at Silicon Valley Bank and Signature Bank. According to him, these solutions protect American workers and small businesses, keep the U.S. financial system safe, and ensure that taxpayer dollars are not put at risk.
Biden pledged that they would continue "efforts to strengthen oversight and regulation of larger banks so that we are not in this position again".
Also, the president promised to deliver remarks on Monday morning on how his Administration would maintain a resilient banking system to protect the economic recovery.