BREAKING: The U.S. government will guarantee deposits at two failed banks in an effort to avoid a broader crisis.
The U.S. government announced Sunday that it is deploying emergency measures to shore up the banking system and backstop deposits at two banks that failed within a matter of days., will be guaranteed, according to a joint statement released by the Federal Reserve, the Department of the Treasury and Federal Deposit Insurance Corporation .
"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority," the statement continued."All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer."
Silicon Valley Bank was shut down by California regulators on Friday after depositors rushed to withdraw funds amid concerns about the bank's balance sheet. The was appointed receiver and created the Deposit Insurance National Bank of Santa Clara, to which all insured deposits of Silicon Valley Bank were transferred.
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