President Joe Biden on Monday told U.S. residents the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval. “Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe. Your deposits will be there when you need them. Small businesses across the country, the deposit accounts at these banks can breathe easier knowing they'll be able to pay their workers and pay their bills. ” U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed. The president, speaking from the Roosevelt Room shortly before U.S. markets opened, said he’d seek to hold those responsible and pressed for better oversight and regulation of larger banks. And he promised no losses would be borne by taxpayers. Full story: https://bit.ly/3Jyvsm6 NEW TO OUR CHANNEL? Hi! We’re 10 Tampa Bay, the CBS affiliate serving the Tampa Bay area. Our team works hard to consider context, pursue connections and identify the trends that shape our world. We believe you deserve a return on your invested attention and a reward for your curiosity. And so, we offer storytelling that delves deeper, beyond the noise and confusion, so that you can feel informed, prepared, and connected. OUR SOCIAL MEDIA: FACEBOOK: https://www.facebook.com/10TampaBay/ TWITTER: https://twitter.com/10tampabay INSTAGRAM: https://www.instagram.com/10tampabay/ #10tampabay #localnews #florida NEW TO OUR CHANNEL? Hi! We’re 10 Tampa Bay, the CBS affiliate serving the Tampa Bay area. Our team works hard to consider context, pursue connections and identify the trends that shape our world. We believe you deserve a return on your invested attention and a reward for your curiosity. And so, we offer storytelling that delves deeper, beyond the noise and confusion, so that you can feel informed, prepared, and connected. OUR SOCIAL MEDIA: FACEBOOK: https://www.facebook.com/10TampaBay/ TWITTER: https://twitter.com/10tampabay INSTAGRAM: https://www.instagram.com/10tampabay/ #10tampabay #localnews #florida