WASHINGTON : The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis. The measures seem, at least so far, to have stemmed any broader run on banks. They came a
WASHINGTON : The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank, the largest bank collapse since the 2008 financial crisis.
Yellen's staff plan a meeting with the Office of the Comptroller of the Currency, the Fed and the FDIC for Friday.Officials arrive to close the bank at its Santa Clara, California headquarters before West Coast branches open, noon Eastern time. At 2:30 p.m., Treasury issues a statement about confidence in regulators and the overall resilience of the U.S. banking system.
Late Friday, Treasury officials brief lawmakers on the Senate Banking Committee and the House Financial Services Committee; one Republican staffer seeks assurances the plans will not lead to more regulation. Depositors will be"made whole," but the bank's management will be removed and investors will lose their funds.
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