Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.
WILMINGTON, Del. —
“We’re not going to do that again,” she said. “But we are concerned about depositors, and we’re focused on trying to meet their needs.” Yellen described rising interest rates, which have been increased by the Federal Reserve to combat inflation, as the core problem for Silicon Valley Bank. Many of its assets, such as bonds or mortgage-backed securities, lost market value as rates climbed.Yellen said she expected regulators to consider “a wide range of available options,” including the acquisition of Silicon Valley Bank by another institution. So far, however, no buyer has stepped forward.
“I’ve been working all weekend with our banking regulators to design appropriate policies to address this situation,” Yellen said. “I can’t really provide further details at this time.”
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.
Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
Read more »
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Silicon Valley Bank closure: Yellen says banking system 'resilient' as she meets with regulatorsSilicon Valley Bank was closed by the California Department of Financial Protection and Innovation after its parent SVB Financial lost a record 60% of its value. The bank’s failure is the second biggest in U.S. history.
Read more »
Janet Yellen: Government Is Monitoring the Silicon Valley Bank CrisisTreasury Secretary Janet Yellen said during a House Ways and Means Committee hearing Wednesday that the government continues to monitor the Silicon Valley Bank crisis.
Read more »
Janet Yellen Convenes Regulators over Silicon Valley Bank CrisisTreasury Secretary Janet Yellen on Friday convened leading financial regulators over the Silicon Valley Bank crisis.
Read more »
Yellen says no federal bailout for Silicon Valley BankWILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank , but is working to help depositors who are concerned about their money .
Read more »