U.S. President Joe Biden (Joe Biden) earlier appeared to appease the unease of the banking turmoil, saying that there is no sign of a crisis outbreak so far, even if the banking turmoil continues, the U.S. government can protect deposits.

Biden said at a press conference with Canadian Prime Minister Justin Trudeau in Ottawa on the 24th that he believes that the regional banks in the United States are in good shape and does not expect any major crises in the future. “I think it will take a while for things to calm down, but I don’t see any signs of an impending explosion on the horizon,” Biden said.

Bloomberg (Bloomberg) reported that this was Biden’s first speech on the banking crisis since he came forward last week to express confidence that the worst of the turmoil in the U.S. banking system is over. He tried to dodge the question in hopes of maintaining stability and avoid spooking the market. However, problems such as the financial situation of the First Republic Bank of the United States still occurred during this period.

Biden said the government would be able to protect deposits if the turmoil in the banking sector persists.

“What we’ll do is, if we find that the situation is more precarious than it looks, we’ll be able to use the power that the FDIC has to insure those loans over $250,000,” he said.

US Senator Elizabeth Warren recently called on regulators to increase guarantees on accounts above the current $250,000 threshold. Treasury Secretary Janet Yellen responded by saying the regulator would not intend to provide blanket deposit insurance without the cooperation of lawmakers.

On the 24th, Yellen convened the US Financial Stability Oversight Committee and held an unscheduled meeting.