Silicon Valley Bank collapsed on Friday, causing its customers to scramble—and most of the bank’s deposits were uninsured.
reported Sunday, after Treasury Secretary Janet Yellen said the government would not bail out the bank’s owners and investors but is looking to protect its account holders.The White House, Treasury, Federal Reserve and Federal Deposit Insurance Corporation are discussing the plan, thesays they haven’t made a final decision.
The idea is reportedly one of several being discussed to rescue the California-based bank, but the preferred course of action would be selling Silicon Valley Bank to another institution, officials have told members of Congress, according to theThe FDIC is usually required to spend as little money as possible resolving bank failures and typically only insures $250,000 per account, butits funds to protect uninsured deposits if the Treasury Secretary and two-thirds of the FDIC and Federal Reserve...
The Federal Reserve could also create a “general banking facility” to aid other financial institutions with ties to Silicon Valley Bank so they wouldn’t have to suffer steep losses from the fallout, a source told
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