President Joe Biden on Monday sought to reassure jittery Americans that they can have confidence that the US banking system is "safe" and vowed stricter bank regulation after a string of bank failures raised concerns about the nation's financial stability.

The president's early morning comments came after US bank regulators spent the weekend working on a plan to shore up the public's confidence in the soundness of the financial system and limit spillover effects following the closing of the Silicon Valley Bank last week.

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