The Monday morning news cycle began with the sudden and shocking news that both Silicon Valley Bank and New York-based Signature Bank were now a thing of the past. According to WGN, “U.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run, where depositors rushed to withdraw their funds all at once. It is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.”

Speaking early Monday morning, the President noted that he’d seek to hold those responsible and pressed for better oversight and regulation of larger banks. He insisted that the brunt of this burden would not be held by the American taxpayer, as well.

More information from the Associated Press can be found here.