U.S. Taxpayers Won’t Bear Losses From Bank Failure, Says Biden.

In an attempt to reassure Americans that the crisis was under control, President Joe Biden said Monday that U.S. taxpayers would not be responsible for rescuing depositors at the defunct SVB bank.

“No losses will be borne by the taxpayers,” he said, adding that the government is ensuring SVB depositors get their money back. “The money for the deposit insurance will come from the fees that banks pay in.”