She quickly turned to someone who had been through the fire before, and on a much larger scale: Hank Paulson.
Yellen spent that crucial period two weeks ago assembling Federal Reserve officials; regulators at the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency; lawmakers, including congressional leaders on banking - Sen. Sherrod Brown, D-Ohio, and Rep. Patrick McHenry, R-N.C.; and Wall Street executives such as Jamie Dimon, the chief executive of J.P. Morgan & Chase.
The bank held an unusually high level of uninsured deposits, and many investments in long-term government bonds and mortgage-backed securities had tumbled in value as interest rates rose. That caused depositors on Thursday, March 9, to rush to withdraw their funds en masse. It triggered a bank run. By Sunday evening, March 12, the Treasury, the Federal Reserve, and FDIC sent a joint statement announcing that New York-based Signature Bank had also failed and was being seized. Officials also said that an emergency lending package would ensure that all depositors at Silicon Valley Bank and New York-based Signature Bank would be protected.
Time for new blood. Term and age limits for everyone working in government and congress.
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