US President Joe Biden assessed that the banking crisis following the recent collapse of Silicon Valley Bank (SVB) and Signature Bank has subsided when asked about it by reporters.

The US president wanted to reassure investors and depositors that the global banking system is safe.

Last week California regulators shut down SVB and handed over management to the Federal Deposit Insurance Corporation (FDIC). Yesterday Friday, parent company SVB Financial Group announced that it has filed for Chapter 11 bankruptcy.

Earlier, President Biden urged Congress to give regulators greater powers over the banking sector, including the ability to impose higher fines, recover capital and bar executives from failed banks. In particular, he asked Congress to give the FDIC the ability to recover funds “including profits made by executives of failed banks (such as Silicon Valley Bank and Signature Bank) from the sale of stock,” according to a statement released by the White House. .

SVB CEO Greg Becker had sold $3.6 million worth of shares in late February, according to Bloomberg and CNBC.