US guarantees all deposits after Silicon Valley Bank collapse, as Biden promises action
by Edward Helmore in New York from US news | The Guardian on (#69QE5)
Announcement comes as Signature Bank was closed on Sunday by regulators - the second to fail in a week
US financial regulators rolled out emergency measures Sunday night to stem potential contagion from the collapse of Silicon Valley Bank. The measures include ensuring that depositors with the failed bank would have access to all their money on Monday morning.
Regulators announced the measure in a joint statement from the treasury secretary, Janet Yellen, the Federal Reserve chair, Jerome Powell, and the Federal Deposit Insurance Corporation (FDIC) chair, Martin Gruenberg.
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