Addressing the collapse of Silicon Valley Bank and Signature Bank of New York, President Biden promised Americans' deposits would be safe.

RELATED: President Joe Biden responds to Silicon Valley Bank collapse https://bit.ly/3JxTu0v

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.

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