Earlier this month the U.S. Federal Reserve in a report to Congress gave what has become a standard reassurance: Banks were strong and the overall financial system in solid shape. | Reuters
The response from regulators on Sunday also included a pledge to make whole all depositors, even those with accounts above the Federal Deposit Insurance Corp’s standard $250,000 limit, at Silicon Valley Bank and a second smaller institution, Signature Bank, that failed over the weekend.
But in this case, as in crises dating back to the 2007-to-2009 housing collapse, the discount window was considered inadequate to address the developing risks, problems that to some degree stemmed from the Fed’s own aggressive monetary policies. When it was closed Friday, SVB had a balance sheet of around $200 billion and was the country’s 16th largest bank. That is far from the league of the large, systemic players, but big enough to rattle the stock prices of other mid-sized institutions and prompt calls for depositors to be protected beyond the Federal Deposit Insurance Corp’s standard $250,000 limit.
But it also was framed by the lessons and restrictions of prior crisis. The situation had to be judged systemic, a finding unanimously endorsed by the Fed’s Board of Governors, Treasury Secretary Janet Yellen, and others.
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