Usa news: President Joe Biden attempted to calm market and taxpayer jitters on Monday morning, saying that Americans can have “confidence” in the banking system after the collapse of Silicon Valley Bank.

“Americans can have confidence that the banking system is safe,” Biden said at the White House. ‘Your deposits will be there when you need them.”

Biden said “no losses” would be born by taxpayers, and the money would come from the fees that banks pay into the Deposit Insurance Fund.

Federal regulators also assessed over the weekend that Signature Bank of New York presents a systemic risk and said they were taking it over. Biden said Monday that managers of the banks would be fired, and investors would not be protected.

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Dow Jones Industrial Average fell 150 points on Monday morning as the markets reacted to Biden’s speech and federal regulators’ plan.