When federal authorities bailed out depositors in insolvent lenders Silicon Valley Bank (NASDAQ:SIVB) and Signature Bank on Monday, U.S. President Joe Biden sought to reassure the public about the country’s financial sector (NASDAQ:SBNY).

During the weekend, the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation developed a bailout plan that covered all of SVB’s depositors, including those with assets beyond the $250,000 federally insured threshold. Moreover, regulators seized control of Signature Bank, a significant bank used by cryptocurrency businesses and a rival to SVB.

In support of the judgments, Biden said they would help secure businesses and people who have invested their money in these lenders.

In a brief speech, Biden stated that Americans “can have faith that the financial system is safe,” adding that taxpayers won’t be responsible for any losses sustained by SVB or Signature Bank.

“When you need them, your deposits will be available. Small companies nationwide with accounts at these banks may relax knowing they can pay their employees and their debts.”

SVB, which had assets worth $212 billion, was the second-largest lender to default in American history, while Signature Bank, which had assets worth $110 billion, was the third-largest.