US President Joe Biden will address the nation this Monday following the bankruptcy of two banks, sending a message of calm about the banking system.

“I will discuss how we can maintain a resilient banking system to protect our historic economic recovery,” he said in a statement late Sunday.

Likewise, he vowed to hold those responsible for the failure of Silicon Valley Bank and a second financial institution, Signature Bank, “responsible” as they try to reassure Americans that their deposits are safe.

“I am determined to hold fully accountable those responsible for this disaster and to continue our efforts to strengthen oversight and regulation of the largest banks so that we are not in this position again,” said Biden in a statement.

“The American people and American businesses can be confident that their bank balances will be there when they need them,” the president added.

This follows financial authorities’ announcement of a bailout that will ensure that bankrupt Silicon Valley Bank depositors get their money back “in full” and that US taxpayers don’t pay for the collapse.

“Depositors will have access to all of their money starting Monday, March 13,” the Treasury Department, the Federal Deposit Insurance Corporation and the Federal Reserve said in a joint statement, after several days of struggling to avoid a domino effect. prevent. to other financial institutions.