Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), made the comments to finance lobbyists last Monday.
Given the falling revenues in the technology sector in recent months, the bank struggled to plug the gaping hole in its balance sheet.
Regulators in California and Gruenberg’s FDIC stepped in and shut down SVB once depositors panicked and tried to get their money out., the real estate lender which had been heavily invested in the struggling cryptocurrency sector.REUTERS The Federal Reserve said it will create a new Bank Term Funding Program to offer depository institutions loans of up to one year, backed by US Treasury securities and other assets, to help the banks. “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.
President Biden defended the stability of the US banking system on Monday morning after the stunning collapse of Silicon Valley Bank sparked fears of a major economic crisis. “Thanks to the quick action of my administration over the last few days, Americans can have confidence that the banking system is safe,” Biden said. “Your deposits will be there when you need them.”
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