US President Joe Biden said on Monday that no losses will be borne by US taxpayers following the collapse of Silicon Valley Bank and Signature Bank.

Biden further noted that investors in those banks will not be protected and reminded that "no one is above the law."

Biden also explained that the quick administration action should give Americans confidence that the US banking system is safe and added that he will ask Congress and regulators to strengthen bank rules.

Market reaction

These comments don't seem to be having a significant impact on financial markets. As of writing, the benchmark 10-year US Treasury bond yield was down 6% on the day at 3.48% and the US Dollar Index was losing 0.6% at 104.00.