As Silicon Valley Bank concerns grow, Yellen says she has been 'working all weekend with our banking regulators to design appropriate policies' to address depositors

That is Treasury Secretary Janet Yellen, speaking on Sunday on “Face the Nation,” about the federal government’s plans to possibly stem the damage of the stunning collapse of Silicon Valley Bank SIVB, which was taken over by Federal Deposit Insurance Corp. on Friday.

“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound,” Yellen said in the “Face the Nation” interview on CBS. “We are concerned about depositors and are focused on trying to meet their needs,” she said. The problems for SVB come as the Federal Reserve is raising interest rates to combat inflation. Higher rates can make shifting money out of plain-vanilla deposits and into higher interest-bearing, but liquid, investments more compelling.

The FDIC said Friday that customers will have full access to their insured deposits no later than Monday morning and that it hadn’t yet determined the total amount of uninsured deposits. Those borrowers will get an advance dividend within the next week, the agency said, and uninsured depositors would receive a “receivership certificate” that allows them to recoup additional payments as the FDIC sells off the bank’s assets.

svb bank broke due to many withdrawals, remember yesterday there was also a big draw on Binance. however Binance did not go bankrupt and is still standing strong today.

Send them to jail for years, fine them personally for millions. Then a bailout can be considered. There have to be consequences

Release their insured $250,000.00 The rest is on them. If you wanna dance, you gotta pay! The gov’t never guaranteed my losses. Why start now?

Silicon Valley Bank gave company-wide bonuses hours before it collapsed: report Federal regulators took control of Silicon Valley Bank on Friday Silicon Valley Bank employees received their annual bonuses on Friday just hours before the government took control of the company,

This should inspire confidence.🤡

We’re fucked if this troll is running the show

Janet Hellen

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Silicon Valley Bank closure: Yellen says banking system 'resilient' as she meets with regulatorsSilicon Valley Bank was closed by the California Department of Financial Protection and Innovation after its parent SVB Financial lost a record 60% of its value. The bank’s failure is the second biggest in U.S. history. What’s she smoking they just lost 200 billion dolalrs
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