President Joe Biden attempted to assuage nationwide worries about Silicon Valley Bank’s downfall late last week, promising that taxpayers would not bear the brunt of the largest economic collapse in the U.S. since the 2008 financial crisis.

“Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said in a speech Monday morning. “Small businesses across the country that deposit accounts that these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills, and their hard work and employees can breathe easier as well.”