On Sunday, Federal banking and finance regulators assured Silicon Valley Bank depositors that they’ll be made whole and regain access to their funds come Monday.
A joint press release from Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin Gruenberg, and Secretary Yellen said the governing bodies have approved recommendations from the FDIC and Federal Reserve after consulting and seeking the permission of President Joe Biden. Thus, allowing both bodies to complete their resolution of the Silicon Valley Bank in Santa Clara, California in a manner that “fully protects all depositors.”
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement read.
