'Your Deposits Will Be There When You Need Them': US President Joe Biden On SVB Crisis

New Delhi: President Joe Biden on Monday told US residents that the nation's financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. American can have confidence that the banking system is safe, he said from the Roosevelt Room before a trip to the West Coast.

Your deposits will be there when you need them. US regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once.

It is the second largest bank failure in U.S. History, behind only the 2008 failure of Washington Mutual. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed.

The president, speaking from the Roosevelt Room shortly before U.S. Markets opened, said he'd seek to hold those responsible and pressed for better oversight and regulation of larger banks.