As far as the ripple effect this could have on the broader economy and the market, it's too early to know exactly what the long-lasting impacts could be.
President Joe Biden addressed the safety of our economy on Monday, hoping to ease concerns about the nation's banking system after two banks collapsed in one week.The collapse of Silicon Valley Bank was the second-biggest bank failure in U.S. history. Federal regulators have taken control of SVB as well as Signature Bank, which regulators shut down on Sunday.
The federal government took over Silicon Valley Bank and Signature Bank and took an extraordinary step of guaranteeing SVB customers will have access to all their deposits, even those above the FDIC-insured limit. "There is absolutely one thing that people should be doing right now. And that is to make sure that their deposit accounts are backed by the federal insurance funds, whether it's in a bank and a savings and loan or a credit union," said Mark Hamrick of Bankrate.
"What FDIC insurance does not cover, for example, is your mutual fund," said Rebell. "It doesn't cover your annuity, it doesn't cover life insurance, it doesn't cover for example the contents of your safe deposit box."
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