SVB collapse: Joe Biden to address nation on banking system after shock collapse

President Joe Biden will address the nation Monday morning on the Silicon Valley Bank collapse and the country’s banking system.

The president will speak from the White House at 9 a.m.

SILICON VALLEY BANK COLLAPSE: BIDEN VOWS TO ‘STRENGTHEN OVERSIGHT AND REGULATION’

On Sunday, Biden promised to punish those responsible for the collapse of Silicon Valley Bank as his administration seeks to make the financial institution’s customers whole.

“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,” the statement read. “I am pleased that they reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe.”

“I am firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again.”

Earlier Sunday, the Biden administration guaranteed Silicon Valley Bank deposits, including uninsured amounts, so customers will have access to their