U.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but a major bailout was not being considered.
The collapse of the startup-focused bank has raised concerns about runs on regional banks, and the ability of small businesses that banked with SVB to pay their employees.
"Americans can have confidence in the safety and soundness of our bank system," Yellen said, adding that regulators wanted to ensure that the crisis did not spread to other banks. Asked if the U.S. government would consider the acquisition of SVB by a foreign bank, Yellen said: "So this is really a decision for the FDIC, as it decides on what the best course is to resolve this firm. And I'm sure they're considering a wide range of available options. That would include acquisitions.
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.
U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: ReportDuring an interview on March 12, Janet Yellen said that U.S. regulators are working to address Silicon Valley Bank collapse, but not considering a major bailout.
Read more »
US Treasury's Yellen expressed confidence in regulators after meeting on SVBU.S. Treasury Secretary Janet Yellen met with banking regulators on Friday to discuss the collapse of SVB Financial Group and expressed 'full confidence' in their abilities to respond to the situation and that the U.S. banking system remains resilient, the Treasury Department said.
Read more »
Yellen: working to address SVB collapse, but not looking at bailoutU.S. Treasury Secretary Janet Yellen on Sunday said she was working closely with banking regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but said a major bailout was not being considered.
Read more »
Yellen says US banking system 'remains resilient' in wake of SVB collapseSilicon Valley Bank collapsed late Friday morning after a run on the bank, roiling global financial markets amid fears of a possible liquidity crisis.
Read more »
After SVB, Yellen must act to prevent run on banking system, Democrat saysRepresentative Josh Gottheimer asked the treasury secretary to 'take immediate steps using all necessary regulatory tools.'
Read more »
Treasury, FDIC to brief California lawmakers on SVB collapseU.S. Treasury and Federal Deposit Insurance Corp. (FDIC) officials plan to brief members of California's congressional delegation on the collapse of Silicon Valley Bank, Axios has learned.
Read more »