The federal government's response to the failure of Silicon Valley and Signature banks has already involved hundreds of billions of dollars. But who will end up paying for the aid?
. President Biden and Treasury Secretary Janet Yellen have spent most of this week trying to reassure Americans that the U.S. banking system is safe.
Even if taxpayers aren't directly on the hook, some economists said the banks' customers still stand to benefit from government support. "It's not a bailout as happened in 2008," Sen. Richard Blumenthal, a Democrat from Connecticut, said this week while proposing legislation to toughen bank regulation."It is, in effect, protection of depositors and a preventive measure to stop a run on other banks all around the country."
Yet many economists said the depositors at Silicon Valley Bank, which included wealthy venture capitalists and tech startups, are still receiving government help.
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Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
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Exclusive: U.S. regulator eyes Friday bids for SVB, Signature Bank-sourcesRegulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday.
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Exclusive: U.S. regulator eyes Friday bids for SVB, Signature BankRegulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday.
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Crypto acted as safe haven amid SVB and Signature bank run: Cathie WoodCathie Wood lashed back at regulators for using crypto as a scapegoat amid SVB and Signature bank run while reminding everyone that crypto acted as safe haven during the ongoing crisis.
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Yellen says U.S. banking system is 'stable' and deposits 'remain safe' following failure of SVB, SignatureTreasury Secretary Janet Yellen sought to reassure markets and lawmakers that the government will protect U.S. bank deposits amid a rash of bank failures.
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US CFTC to give pass over certain swap reporting failures tied to SVB, Signature Bank contractsThe U.S. Commodity Futures Trading Commission on Wednesday said it would give a pass to firms that cannot meet certain swap reporting requirements following the recent failures of Silicon Valley Bank and Signature Bank .
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