Commenting on
the health of the U.S. financial systems, U.S. President Joe Biden said Monday
that Americans can have confidence that the banking system is safe.
He also
noted that deposits at Silicon Valley Bank (SIVB) and Signature Bank (SBNY) will
be there when depositors need them, adding that the management of both banks will
be fired.
Also, Biden said that no losses will be borne by the taxpayers as the money
will come from fees paid to the U.S. Federal Deposit Insurance Corporation (FDIC).
However, the president added, investors in these banks will not be protected.
In addition, Biden
pledged to ask Congress to strengthen bank regulation.