Thanks to the quick action of my administration over the past few days,

Americans can have confidence that the banking system is safe.

That was President Biden speaking this morning after the unexpected and somewhat

spectacular collapse of Silicon Valley bank late last week, the Biden

administration moved on Sunday to ensure that all deposits held at that bank

and at Signature Bank, which closed over the weekend, will be available today.

All customers who had deposits in these banks can rest assured.

Rest assured they'll be protected and they'll have access to their money as of today.

This is unusual typically the FDIC ensures only deposits of up to $250,000.

While depositors should be okay, Biden offered not much sympathy to those who managed the bank.

If the bank is taken over by FDIC, the people running the bank should not work there anymore.

Coming up on today explained why Silicon Valley bank imploded

and what it means for the economy writ large.

It's today explained, I'm Noel King, and if you were paying attention to the news at all this weekend,

you probably saw a great deal of speculation, including some very informed speculation

about what would happen this week and what all of this means,

including from financial reporters who were trying to get their heads around everything

and what they were doing.

I'm Ben Bergman, I'm a senior correspondent at Business Insider.

Ben, what is or what was Silicon Valley bank?

Silicon Valley bank has been around for 40 years and it's really become the go to bank for the tech ecosystem.

It's tough for a lot of tech entrepreneurs to get any sort of money that they can afford.

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