STORY: "Americans can have confidence that the banking system is safe," Biden said. "The deposits will be there, when you need them."

Biden said he would press for stiffer regulations after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules.

His economic team worked with regulators over the weekend on the measures, which included guaranteeing deposits in both banks, setting up a new facility to give banks access to emergency funds and making it easier for banks to borrow from the Federal Reserve in emergencies.