WATCH: Biden Blames Bank Failures on Trump Administration Rolling Back Dodd-Frank Law

President Joe Biden addressed the recent failures of Silicon Valley Bank and New York’s Signature Bank in an early Monday morning address designed to calm the nation and avoid a broader run on banks. While Biden mostly struck a tone of reassurance, he did appear to blame the Trump administration partly for easing federal regulations he claimed to be a source of the issue.

“Today, thanks to the quick action of my administration over the past few days, Americans can have confidence that the banking system is safe,” Biden opened. “Your deposits will be there when you need them. Small businesses across the country that deposit accounts at these banks can breathe easier knowing they’ll be able to pay their workers and pay their bills.”

“We must get the full accounting of what happened and why those responsible can be held accountable,” the president continued. “And my administration, no one is above the law. And finally, we must reduce the risks of this happening again.”

“During the Obama-Biden administration, we put in place strict requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again,” he said. “Unfortunately, the last administration rolled back some of these requirements.”

“I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again,” Biden said.

Biden is correct in noting how Trump’s rollback of the Dodd-Frank law helped lead to the SVB collapse, per this Forbes report.

Watch above via CNN.