Biden: US banking system is 'safe'

US President Joe Biden has pledged to do whatever it takes to contain the fallout from a pair of banking collapses. He is working to restore confidence after the failure of Silicon Valley Bank and Signature Bank.

Biden said, "Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you, we will not stop at this, we will do whatever is needed."

Biden made the remarks shortly before the markets opened on Monday. He called on lawmakers and regulators to strengthen rules to make collapses "less likely" to happen again.

He also promised taxpayers that none of their money would be used in the bailouts and said the banks' managers will be fired.

Regulators had previously announced emergency measures to protect all deposits at the banks rather than the standard limit of 250,000 dollars. They said depositors will have access to all of their money from Monday.

One depositor visiting Signature Bank said, "They said not to worry, they'll honor all outstanding checks, they're gonna honor all future checks. And they put me at ease."

However, investors on Wall Street worry that the fallout could spread. In trading Monday, they saw stocks of some regional banks plummet.