US taxpayers will not be responsible for failed bank losses, says President Biden

US taxpayers will not be on the hook for the rescue of depositors at the failed SVB bank, President Joe Biden said Monday, telling Americans that the crisis was under control.

While the government is ensuring that SVB depositors get their money back, "no losses will be borne by the taxpayers," he said. "The money will come from the fees that banks pay into the deposit insurance."