US President Joe Biden spoke with California Governor Gavin Newsom on Saturday about the Silicon Valley Bank failure and efforts to address the situation, the White House said, according to Reuters.

A White House statement said Biden discussed with Newsom an emergency declaration he issued on Friday to ensure California has the full support of the federal government as it responds to the impacts of severe winter weather, including flooding, landslides and mudslides.

"The President and the Governor also spoke about Silicon Valley Bank and efforts to address the situation," the statement added.

On Friday, the Federal Deposit Insurance Corporation announced that financial regulators had closed Silicon Valley Bank and taken control of its deposits. This is the largest American bank failure since the global financial crisis in the late 2000s.

Relating to the crisis on Saturday night, Prime Minister Benjamin Netanyahu said, "I am closely monitoring the collapse of the American investment bank, Silicon Valley Bank, which has led to a major crisis in the high-tech world. From Rome, I have held talks with senior high-tech figures in Israel."

Later on Saturday night, Finance Minister Bezalel Smotrich ordered the establishment of a dedicated team to monitor the issue.

The team, led by the director of the Ministry of Finance, Shlomi Heizler, will be composed of representatives of the Ministry of Finance, the Bank of Israel, the Securities Authority and the Innovation Authority.

The team will be in contact with the local high-tech industry, funds and financial institutions in Israel and the US for the purpose of receiving data and analyzing the possible impact on the Israeli economy and, as necessary, for formulating a response to Israeli companies.