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.
Amid growing concern the bank would not last the weekend, the Federal Deposit Insurance Corporation and Federal Reserve Board decide to move it into receivership.
Yellen assures Congress she is monitoring events surrounding "a few banks" very carefully and says any bank's financial losses are concerning. Yellen heads to the White House, Brainard meets with her staff and holds Zoom calls in her wood-paneled office in the West Wing.to prop up their companies, others take to Twitter to push the Biden administration to act.
U.S. Treasury staff hold virtual morning meetings, deciding to: 1) Look for a buyer; 2) provide a systemic risk exemption to protect depositors; 3) revamp the terms of a Fed facility to permit more borrowing. U.S. officials jump into "hundreds of Zoom calls" and answer emails from anxious lawmakers worried about small businesses in their districts, tech industry executives, and business owners who fear they will have to lay off workers, a White House official says.
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