Watch as Biden speaks on US financial system following collapse of Silicon Valley Bank
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments