The Post Millennial
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On Sunday, Biden’s Treasury Secretary Janet Yellen appeared on Face the Nation and was asked if a government bailout was on the table for Silicon Valley Bank in the wake of its Friday collapse.
Yellen said, “During the financial crisis there were investors and owners of systemic large banks that were bailed out and we’re certainly not looking—and the reforms that have been put in place means that we’re not going to do that again.”
“But we are concerned about depositors and are focused on trying to meet their needs,” she added.
On Friday, Federal Deposit Insurance Corporation regulators seized the Silicon Valley Bank (SVB) following a run on the bank and later said they could only guarantee insurance on deposits up to $250,000, which is their standard policy. Depositors with balances in excess of that amount were told they would receive receivership certificates for their uninsured balances.
On Sunday, federal regulators began auctioning off the remaining Silicon Valley Bank assets in hopes a buyer would help repay those who have deposits with the banks.
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