Wednesday, March 29, 2023
HomeAll Ch00 Ch00 NewsBiden Admin Makes Major Announcement After Silicon Valley Bank Collapse

Biden Admin Makes Major Announcement After Silicon Valley Bank Collapse

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treasury Secretary Janet Yellen announced Sunday that the federal government wouldn’t bail out the now-collapsed Silicon Valley Bank (SVB) but said it will work to aid depositors who are worried about their money.

During a Sunday interview with CBS News’ “Face the Nation,” Yellen did not provide many concrete details about what her agency or what the Federal Deposit Insurance Corporation might do to protect depositors’ cash. But the Treasury secretary, formerly an Obama-era Federal Reserve chair, emphasized that SVB’s situation was different than the financial crisis that erupted in 2008, which led to widespread bailouts of financial companies in what government officials at the time said was designed to protect the industry and larger U.S. economy.

The FDIC only insures deposits of up to $250,000 per account, analysts have said that a number of firms and wealthy investors had far more than the insured amount tied up in SVB. There have been concerns that workers at some tech companies and startups will not see their paychecks now.

“Well let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and we’re certainly not looking” to bail out SVB, Yellen said Sunday in response to a question about a possible bailout of the bank. “And the reforms that have been put in place means that we’re not going to do that again,” she added. “But we are concerned about depositors and are focused on trying to meet their needs.”

 

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