Watch as Biden speaks on US financial system following collapse of Silicon Valley Bank

Watch as Joe Biden addresses the nation on Monday (13 March) following the collapse of Silicon Valley Bank.

In a statement on Sunday evening, the president said that he will deliver remarks on how the US will maintain a resilient banking system to protect America’s “historic economic recovery”.

“Over the weekend, and at my direction, the Treasury Secretary and my National Economic Council Director worked diligently with the banking regulators to address problems at Silicon Valley Bank and Signature Bank,” Mr Biden said.

“I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe. The solution also ensures that taxpayer dollars are not put at risk.”

The president added that he is “firmly committed to holding those responsible for this mess fully accountable”.

California regulators shut down Silicon Valley Bank last Friday, marking the biggest US bank failure since the 2008 global financial crisis.