Critics are raising serious doubts about the truthfulness of that claim.

“The deposit insurance fund doesn’t have anywhere near enough liquidity to cover depositors,” E.J. Antoni, an economic expert at the Heritage Foundation, told The Center Square. “If it did, the Federal Reserve would not have had to announce an emergency lending fund to meet the demand for liquidity.

“There is no way around the reality that taxpayers are on the hook here,” he added.

Silicon Valley Bank collapsed after capital issues and a bank run last week and was taken over by government regulators.

The banking issues quickly drew comparisons to the big bank bailouts of the 2008 financial crisis, where taxpayers shelled out hundreds of billions of dollars to bail out banks and stimulate the economy during the recession primarily caused by those banks.

SVB is the largest financial institution to collapse since that crisis, and the issue worsened when another bank, Signature Bank was also closed by regulators on Sunday.