President Biden on Monday blamed the collapse of Silicon Valley Bank and the closure of Signature Bank on former President Trump’s 2018 decision to scrap some Obama-era banking regulations.

“Unfortunately, the last administration rolled back the regulations,” Biden said.

Biden also offered assurances that the US banking system is “safe and secure”.

“Americans can trust that the banking system is safe,” Biden said in remarks at the White House before leaving for a three-day visit to California and Nevada.

The president said he intended to ask Congress and banking regulators to restore the Obama-era rules put in place to prevent another global financial crisis. In 2018, Trump signed a bipartisan bill that exempted medium-sized institutions like Silicon Valley Bank from those rules.

All Silicon Valley Bank customers will be protected and able to access their funds on Monday, the U.S. Treasury Department, Federal Reserve and Federal Deposit Insurance Corp said. said in a joint announcement on Sunday.

“They will be able to pay their workers and pay their bills,” the president promised.

Biden also vowed to hold accountable those responsible for the collapse, saying that from the bank

shareholders

would not be protected.