Some feared that if Washington didn't rescue the failed bank, customers would make runs on other banks.
NEW YORK -- The U.S. government took emergency steps Sunday in an attempt to prevent more instability among banks after the historic failure of Silicon Valley Bank, and assured clients of the failed financial institution that they would be able to recover all of their money quickly.
The Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients will be protected and have access to their funds and announced steps designed to protect the bank's customers and prevent more bank runs. Regulators had to rush to close Silicon Valley Bank, a financial institution with more than $200 billion in assets, on Friday when it experienced a traditional run on the bank where depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.
by signing up you agree to our terms of service Among the bank's customers are a range of companies from California's wine industry, where many wineries rely on Silicon Valley Bank for loans, and technology startups devoted to combating climate change.
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Treasury, Fed and FDIC joint statement on SVB and Signature Bank: full text'All depositors of this institution will be made whole ... no losses will be borne by the taxpayer': Read Sunday's full statement from the Treasury, Federal Reserve and Federal Deposit Insurance Corp.
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US Treasury Department, Fed release joint statements on Silicon Valley Bank action“Taking decisive actions to protect the u.s. economy by strengthening public confidence in our banking system,” said the US Treasury Department and Fe
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Treasury, FDIC to brief California lawmakers on SVB collapseU.S. Treasury and Federal Deposit Insurance Corp. (FDIC) officials plan to brief members of California's congressional delegation on the collapse of Silicon Valley Bank, Axios has learned.
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Treasury, Federal Reserve, FDIC release joint statement mapping out approach to Silicon Valley Bank collapseTreasury Department, Federal Reserve, and the FDIC issued a joint statement Sunday mapping out how regulators will handle the failure of Silicon Valley Bank.
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U.S. Lawmakers Met With Fed, FDIC to Discuss Collapse of Silicon Valley Bank: SourceU.S. lawmakers met with federal regulators late Friday to discuss the collapse of SVB_Financial hours after regulators took it over, according to a person familiar with the matter. nikhileshde reports
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US lawmakers met Fed, FDIC to discuss Silicon Valley Bank's collapse - Coindesk By Reuters*U.S. LAWMAKERS MET FED, FDIC ON FRIDAY TO DISCUSS SILICON VALLEY BANK'S COLLAPSE - 🇺🇸🇺🇸
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