The Voice of America informs about it.

The President of the USA emphasized that the quick actions of the administration should instill confidence in Americans in the safety of the country's financial system.

"The US banking system is sound," the White House official said.

In a statement published on Sunday evening, the president noted that "the Minister of Finance and the director of the National Economic Council (NES) worked diligently with banking regulators to resolve the problems at Silicon Valley Bank and Signature Bank."

Speaking on Monday, Biden said that taxpayer money will not be used to solve the problem.

"All the money (for resolving the crisis) will come from the insurance fund," Biden explained.

The new measures include guaranteeing deposits at both banks, creating a new mechanism to give banks access to emergency funds, and making it easier for banks to borrow from the Federal Reserve in emergency situations.

Biden stressed that bank investors will be held accountable.

"No one is above the law," the US president stated.

Biden's statement on Sunday said that "the American people and American businesses can rest assured that their bank accounts will be safe and sound."

The Federal Deposit Insurance Corporation said on Monday that it had transferred all of Silicon Valley Bank's deposits to a newly created intermediary bank, and that all backers would have access to their money starting Monday morning.

"We must not allow this situation to happen again," Joe Biden emphasized.

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