Biden administration says depositors will have access to their money Monday after SVB's collapse as a second regional bank in New York failed Sunday.
Treasury Secretary Janet Yellen on Sunday instructed the Federal Deposit Insurance Corporation to guarantee Silicon Valley Bank customers will have access to all of their money starting Monday. By guaranteeing all deposits – even the uninsured money customers kept with the failed bank – the government can ensure public confidence in America’s banking system, Yellen, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin J. Gruenberg said in a joint statement.
But there have also been extensive discussions about the legal authorities tied to providing a federal backstop for the bank’s uninsured deposits, as well as a separate Federal Reserve facility that other banks with similar exposure could have access to in order to generate confidence in the market, according to two people familiar with the matter.
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