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 concern the bank would not last the weekend, the Federal Deposit Insurance Corporation and Federal Reserve Board decide to move it into receivership.
She holds a 1 p.m. Eastern virtual meeting with Fed Chair Jerome Powell, FDIC Chair Martin Gruenberg, Michael Hsu, acting Comptroller of the Currency, and Mary Daly, president and CEO of the San Francisco Federal Reserve. 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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsedThe 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.
Read more »
How SVB exposed tech's tortured relationship with Washington
Read more »
50 Tech Leaders Circulated A Private Memo In Washington Calling For Action On SVBAs SVB careened towards catastrophe, some 50 founders, VCs, economists and comms experts gathered in a WhatsApp group to draft a memo calling for urgent preservation of its deposits for the sake of the broader economy. Then they sent it to Washington.
Read more »
50 Tech Leaders Circulated A Private Memo In Washington Calling For Action On SVBAs SVB careened towards catastrophe, some 50 founders, VCs, economists and comms experts gathered in a WhatsApp group to draft a memo calling for urgent preservation of its deposits for the sake of the broader economy. Then they sent it to Washington.
Read more »
50 Tech Leaders Circulated A Private Memo In Washington Calling For Action On SVBAs SVB careened towards catastrophe, some 50 founders, VCs, economists and comms experts gathered in a WhatsApp group to draft a memo calling for urgent preservation of its deposits for the sake of the broader economy. Then they sent it to Washington.
Read more »
50 Tech Leaders Circulated A Private Memo In Washington Calling For Action On SVBAs SVB careened towards catastrophe, some 50 founders, VCs, economists and comms experts gathered in a WhatsApp group to draft a memo calling for urgent preservation of its deposits for the sake of the broader economy. Then they sent it to Washington.
Read more »