President Joe Biden is coming out swinging over the collapse of Silicon Valley Bank.

Biden first reassured the public on Monday that the banking system is safe, saying in remarks at the White House, “Americans can have confidence that the banking system is safe. Your deposits will be there when you need them.”

He then tore into former President Donald Trump, whose administration decided in 2018 to end some Obama-era banking rules that led to last week’s SVB closure.

“Unfortunately,” Biden said, “the last administration rolled back regulations.” He promised taxpayers would not bear the cost of insuring deposits to customers of SVB, which the government has promised to provide a guarantee for. And he promised to hold those responsible accountable.

SVB was a favorite of tech startups, and its collapse led to fears of contagion in the fintech sector.

The President says he plans to ask Congress and regulators to restore Obama-era rules that were created to avoid a repeat of the 2008 financial crisis.