U.S. government says all Silicon Valley Bank clients will have access to funds, announces steps to prevent more bank runs.
A sign of a branch of the Silicon Valley Bank is pictured at an office building where the bank is located in Frankfurt, Germany, Sunday, March 12, 2023. NEW YORK — The U.S. federal government said all Silicon Valley Bank clients will be protected and have access to their funds, just days after the bank failed and sent its customers panicking.
The Treasury Department, Federal Reserve and FDIC announced steps Sunday designed to protect the bank’s customers and prevent more bank runs. “This step 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,” the agencies said in a joint statement.
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