President Biden on Monday said the nation’s financial systems are sound, following the swift and stunning collapse of two banks that prompted fears of a broader upheaval
Vehicles are parked outside a Silicon Valley Bank branch in Wellesley, Mass., on Saturday, March 11, 2023. Regulators have seized the assets of one of Silicon Valley’s top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.
“We must get the full accounting of what happened,” he said. “American can have confidence that the banking system is safe.” In an effort to shore up confidence in the banking system, the Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients would be protected and able to access their money.
Britain also moved quickly, working throughout the weekend to arrange the sale of Silicon Valley Bank UK Ltd., the California bank’s British arm, for the nominal sum of one pound. “When you have very young companies, very promising companies, they’re also fragile,” Hunt told reporters, explaining the why authorities moved so quickly. “They need to pay their staff and they were worried that as of 8 a.m. this morning, they might literally not be able to access their bank account.”Silicon Valley Bank began its slide into insolvency when it was forced to dump some of its treasuries at at a loss to fund its customers’ withdrawals.
Some prominent Silicon Valley executives feared that if Washington didn’t rescue their failed bank, customers would make runs on other financial institutions in the coming days. Stock prices plunged over the last few days at other banks that cater to technology companies, such as First Republic and PacWest Bank.
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