Despite the collapse of two banks and a depositor bailout, another Great Recession isn't on the way, the White House said Monday.

Speaking aboard Air Force One, White House press secretary Karine Jean-Pierre said that protections such as the Dodd-Frank Act mean that bank failures will not spiral into an economic crisis.

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"This is not 2008," she said. "The Obama/Biden administration put in place tough requirements to ensure banks have more capital and sufficient liquid assets. Depositors have more protection for their deposits, and regulators have the tools to supervise larger institutions that deal with disruptions."

Silicon Valley Bank collapsed on Friday, followed by New York-based Signature Bank on Sunday, with shares of San Francisco-based plummeting by more than 70% on Monday.

Though the Biden administration has said it will not bail out banks, it will fully guarantee deposits in SVB, which Republicans have described as being a very similar move in practice.

A reporter asked Jean-Pierre if the banks were too big to fail, echoing a key phrase from the Great Recession.

"The president said the actions that have been taken should give Americans confidence," she said. "That's incredibly important. That should be the message that was taken from the president this morning, that the banking system is safe and their deposits will be there when they need them."

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Biden spoke at 9 a.m. Monday about the collapse, which is apparently an unusually early time for him to be working.

"I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again," the president said.