Here's a look at how US government officials raced to respond to the Silicon Valley Bank failure.
The measures seem, at least so far, to have stemmed any broader run on banks. They came after under heavy pressure fromAs US Treasury Secretary Janet Yellen prepares for a hearing on Friday, March 10, before the Republican-controlled House ways and means committee, investors are raising concerns about a liquidity crisis at Silicon Valley Bank, sending the stock plummeting.
US President Joe Biden is briefed on the SVB situation by his new chief of staff Jeff Zients and former Fed vice chair, who took over as director of Biden’s National Economic Council on February 21, as Yellen testifies for three hours in the contentious congressional hearing. Only one lawmaker asks about SVB.
At 2:30 pm, Treasury issues a statement about confidence in regulators and the overall resilience of the US banking system. Late Friday, Treasury officials brief lawmakers on the Senate banking committee and the House financial services committee; one Republican staffer seeks assurances the plans will not lead to more regulation.
Yellen meets again with Powell, Fed Vice Chair for Supervision Michael Barr, and Gruenberg from the FDIC, and they agree to do all three. The rush is on to assure SVB’s depositors that they can make payroll on Monday, March 13, and get ahead of Asian markets opening on Sunday around 6 pm ET.
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Silicon Valley Bank collapse: A contagion risk?The collapse of Silicon Valley Bank, the sector&39;s biggest failure since the 2008 financial crisis, has raised fears of potential spillover across the entire banking system. But financial analysts say measures taken by US authorities could contain the damage, but the markets are anxious.
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Silicon Valley Bank collapse: What you need to knowBank stocks around the world plunged on Monday even as President Joe Biden vowed to ensure the safety of the US banking system, after Silicon Valley Bank and Signature Bank collapsed. US
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The 1-pound rescue: Inside the rush to save Silicon Valley Bank UKConversations with eight people involved in the discussions reveal the frantic nature of Silicon Valley Bank UK's final hours, with at least half a dozen banks looking over the lender's numbers.
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Silicon Valley Bank collapse has no 'substantial' impact in PH banks —BAPThe Bankers Association of the Philippines (BAP) on Tuesday said the Philippine banking system is strong and stable amid the collapse of Silicon Valley Bank in the United States —described as the American banking sector’s biggest failure since the 2008 financial crisis.
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