Silicon 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.
U.S. Treasury Secretary Janet Yellen on Friday convened financial authorities to discuss the closure of Silicon Valley Bank, and expressed “full confidence” banking regulators would act appropriately.
The closure came amid a crisis at parent SVB Financial Corp. SIVB, , which lost a record 60% of its value on Thursday.The secretary met with leaders from the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency. “Our banking system is in a fundamentally different place than it was a decade ago,” Rouse said during a White House press briefing. She said reforms that “were put into place back then really provide the kind of resilience that we’d like to see, so we have every faith in our regulators.”
Sen. Sherrod Brown, the Ohio Democrat who heads the Senate Banking Committee, is “monitoring the situation closely,” a spokeswoman said Friday.
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