Joint Statement By The Department Of The Treasury, Federal Reserve, And FDIC: No Limit On Insured Amount For SVB & Signature Bank
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The press release by U.S. Department of Treasury, Federal Reserve, and FDIC, in italics, below:
WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today’s actions demonstrate our commitment to take the necessary steps to ensure that depositors’ savings remain safe.
In an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday, in the video published on March 12, 2023, by CNN, as “Regulators say Silicon Valley Bank customers will be made whole”, below:
The United States government has announced it will guarantee deposits at failed Silicon Valley Bank (SVB), as financial regulators rush to alleviate fears the tech-focused lender’s collapse could set off a broader financial crisis. In a statement on Sunday, the US Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said that all customers would be protected and be able to fully access their funds following the bank’s collapse, in the video published on March 13, 2023, by Al Jazeera English, as “US guarantees Silicon Valley Bank deposits amid bank crisis fears“, below:
Silicon Valley Bank, Signature Bank and Silvergate bank have all collapsed throwing up a warning signs that something horrible is happening in the economy. But what’s the truth here? This is a story of incompetence, a changing economic environment and political lobbying, in the video published on March 14, 2023, by ColdFusion, as “US Banking Crisis: The Truth Behind The Disaster“, below:
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