On Friday, the FDIC – the government regulator in charge – took control of Silicon Valley Bank's assets.

Over the weekend, it did the same with Signature Bank.

Here's what comes next:

Everyone who had deposits at those banks can access their money today.

That includes small businesses that need to pay their employees and stay open.

No losses will be borne by the taxpayer.

We'll pay for it from the fees that banks pay into the Deposit Insurance Fund.

The management of both these banks will be fired.

If a bank is taken over by the FDIC, the people running that bank shouldn’t work there anymore.

Investors in the banks will not be protected.

They knowingly took a risk, and when risks don’t pay off, investors lose their money.

That’s how capitalism works.

We must get a full accounting of what happened and why so those responsible can be held accountable.

In my Administration, no one is above the law.

We must reduce the risk of this happening again.

During the Obama-Biden Administration, we placed tough requirements on banks to make sure the crisis we saw in 2008 wouldn’t happen again.

Unfortunately, my predecessor rolled some of those back.

I will ask Congress and banking regulators to strengthen the rules for banks to make it less likely that this kind of bank failure happens again.

We must protect American jobs and small businesses.