Banking system safe after SVB collapse: Joe Biden

Washington: President Joe Biden on Monday sought to reassure jittery Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.

The president's early morning comments came after US bank regulators spent the weekend working on a plan to shore up the public's confidence in the soundness of the financial system and limit spillover effects following the closing of the Silicon Valley Bank last week.

"Americans can rest assured that our banking system is safe. Your deposits are safe," Biden said from the Roosevelt Room of the White House. Taxpayers will not bear any losses from the move, which will be funded by fees regulators charge to banks, he said.

The banks' leaders will be fired, he added. Biden in his address allayed fears, directly explaining what he has instructed his administration to do to protect small businesses and workers in the wake of regulator shutdowns of both Silicon Valley Bank and Signature Bank over the last few days.