Treasury Secretary Janet Yellen said that Chinese Communist Party-linked (CCP) depositors of Silicon Valley Bank could be 'made whole' by the U.S. banking system.
U.S. Treasury Secretary Janet Yellen testifies about the Biden Administration's FY2024 federal budget proposal before the Senate Finance Committee in the Dirksen Senate Office Building on Capitol Hill on March 16, 2023 in Washington, DC.
Yellen emphasized during the hearing that the American banking system is "sound" despite SVB's collapse.A customer stands outside of a shuttered Silicon Valley Bank headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Depo
SVB was closed by the FDIC last Friday, marking the worst U.S. financial institution failure since 2008.
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