Joe Biden’s top budget director Shalanda Young was unable to answer the most basic question about the US banking system during an appearance on CNN’s “State of the Union” on Sunday.

Silicon Valley Bank collapsed and was under FDIC receivership by Friday after a run on the bank.

Depositors withdrew more than $40 billion from Silicon Valley bank by late Thursday and Friday morning.

FDIC auction was underway on Sunday for Silicon Valley Bank.

The final bids are due on Sunday.

Fear of contagion is now spreading after depositors were seen lining up at First Republic Bank branch in Los Angeles on Saturday.