WATCH LIVE: Biden addresses the economy after Silicon Valley Bank collapse

President Joe Biden is set to address how the country will “maintain a resilient banking system” amid the collapse of Silicon Valley Bank in a speech Monday morning.

SVB, which was the 16th largest federally insured bank, was closed by regulators in the state Friday after attempts to raise capital failed. The bank failure is one of the largest since 2008. The bank scared investors earlier in the week when it announced that it sold off treasuries at a loss, causing a run on the bank.

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Treasury Secretary Janet Yellen appreared to rule out a bailout of the bank in comments made Sunday, but Biden is expected to announce the government’s next steps in wake of the collapse.