U.S. President Joe Biden on Sunday said the Treasury Secretary and National Economic Council Director worked diligently with the banking regulators to address problems at Silicon Valley Bank and Signature Bank, adding that the solution ensures that taxpayer dollars are not put at risk.

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"The American people and American businesses can have confidence that their bank deposits will be there when they need them," Biden said in a statement.

"I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again."