Treasury Secretary Janet Yellen on Sunday instructed the Federal Deposit Insurance Corporation to guarantee Silicon Valley Bank customers will have access to all of their money starting Monday.
By guaranteeing all deposits -- even the uninsured money customers kept with the failed SVB bank -- the government can ensure public confidence in America's banking system, said Yellen, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin J. Gruenberg in a joint statement.
The FDIC opened an auction Sunday for bids to acquire the bank, the Treasury Department said in a briefing with lawmakers in the California delegation, two sources familiar with the briefing told CNN. If a sale fails, customers could collect some of their uninsured deposits as the government unwinds and liquidates the bank's assets to repay them. But it's not clear that the companies invested with the bank would recover all or close to all the cash they had stored at SVB through a liquidation alone -- that's why the government is reportedly looking to guarantee the deposits through a taxpayer-funded facility.
Treasury Secretary Janet Yellen has been in touch with financial regulators all weekend and working with them "diligently" following SVB's collapse, White House Office of Management and Budget Director Shalanda Young told CNN's Kaitlan Collins on "State of the Union."
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Treasury Secretary Janet Yellen says U.S. government won't bail out Silicon Valley BankTreasury Secretary Janet Yellen says U.S. government will not bail out Silicon Valley Bank
Weiterlesen »
Silicon Valley Bank won’t get bailout, Treasury Secretary Janet Yellen saysYellen, appearing on CBS’ “Face the Nation,” said the government wouldn’t rescue the nation’s 16th-largest bank, as was done for hundreds of institutions during the fi…
Weiterlesen »
Treasury Secretary Janet Yellen says no federal bailout for Silicon Valley BankWith Wall Street rattled, Yellen tried to reassure Americans that there will be no domino effect after the bank collapse and said the federal government is working to help depositors.
Weiterlesen »
Janet Yellen Convenes Regulators over Silicon Valley Bank CrisisTreasury Secretary Janet Yellen on Friday convened leading financial regulators over the Silicon Valley Bank crisis.
Weiterlesen »
U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: ReportDuring an interview on March 12, Janet Yellen said that U.S. regulators are working to address Silicon Valley Bank collapse, but not considering a major bailout.
Weiterlesen »