U.S. says 'all' deposits at failed bank will be available Monday The Federal Reserve announced that
Last edited Mon Mar 13, 2023, 02:30 AM - Edit history (3)
U.S. says ‘all’ deposits at failed bank will be available Monday
The Federal Reserve announced that it is creating a new lending facility for the nation’s banks, to buttress against financial risks from Friday’s collapse of Silicon Valley Bank.
By Jeff Stein, David J. Lynch, Tony Romm and Tyler Pager
Updated March 12, 2023 at 6:30 p.m. EDT|Published March 12, 2023 at 2:29 p.m. EDT
https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/?utm_source=alert&utm_medium=email&utm_campaign=wp_news_alert_revere&location=alert
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The U.S. government announced Sunday night that all depositors at the failed Silicon Valley Bank would have access to all their money on Monday morning.
Authorities said they were extending protection to depositors of a second bank, Signature Bank of New York, which state regulators closed on Sunday. The bank’s management has been ousted.
Separately, the Federal Reserve announced that it was creating a new lending facility for the nation’s banks, designed to buttress them against financial risks caused by Friday’s collapse of SVB.
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” a joint statement from the Treasury Department, the Fed and the Federal Deposit Insurance Corporation said. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.”
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Applegrove:
Look at Government McGov doing governing like things like this loan raised from the banking industry (stock holders and private investors get nothing.... it is not a bailout). Socialism & regulations the right wing likes if it creates confidence in markets. Someone ask them about this. Unless they want other banks to fall in a ripple effect just to spite Biden. I would have a different question for them then. Are you in any way human?
