After Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) collapses forced U.S. regulators to step in, fearing a broader crisis, President Joe Biden attempted to address the concerns of the public in a speech on Monday.

He assured the public that the US banking system was “safe” and vowed stiffer bank regulation. “Americans can have confidence that the banking system is safe. Your deposits will be there when you need them,” Biden said. He also added that the managers of the banks will be fired and investors will lose money. “They knowingly took a risk, and when the risk didn’t pay off his adjusters lost their money. That’s how capitalism works,” he said.

Also Read | List of companies impacted by Silicon Valley Bank collapse

This was the biggest U.S. bank failure since the 2008 financial crisis, which was also recognized by Biden, who promised to rectify the same. “I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure will happen again, and to protect American jobs as a small business,” he said.

However, after delivering the speech, which lasted for three minutes, Biden left the podium without taking any of the press questions, which prompted a number of reactions on the internet, most of them not in his favor.

Also Read | What is happening with Silicon Valley Bank? Why did it fall?

As depositors rushed to withdraw their funds all at once, U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run. The regulators announced, shortly after, that New York-based Signature Bank had also failed.

Silicon Valley Bank had more than $200 billion in assets and cater to tech startups, venture capital firms, and well-paid technology workers. U.S. regulators also worked through the weekend to find a buyer for the bank but failed. However, officials assured all of the bank’s customers that they would be able to access their money on Monday.