And he states firmly, twice, that “No losses will be born by taxpayers”.
Instead, the money will come from the fees that banks pay into America’s deposit insurance fund.
The fees are calculated on up to $250k per account. So, by definition, the fees won’t cover greater recovery than that.
Now it’s possible that there is no loss here at all – it’s illiquid, not insolvent. But even then what Biden’s said above is wrong.