Sunday, March 12, 2023

Breaking News: Treasury, regulators unveil rescue for bank depositors

Politico
Breaking News Alert

Treasury, regulators unveil rescue for bank depositors

The Treasury Department, Federal Reserve and FDIC on Sunday said depositors of failed Silicon Valley Bank will have access to all their money starting Monday, and that the Fed will make available funding to other banks to assure they can meet their depositors' needs.

They also announced that New York's Signature Bank was closed and that depositors would also be made whole.

Treasury and the bank regulators said no losses would be borne by the taxpayer in the actions taken with regard to Silicon Valley Bank and Signature Bank. Read the latest and read additional coverage.

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