WATCH LIVE: President Biden to Deliver Remarks on Silicon Valley Bank Collapse
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday.
“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. Jeremy Hunt, the U.K. government’s Treasury chief, said that some of the country’s leading tech companies could have been “wiped out."
The Treasury has set aside $25 billion to offset any losses incurred. Fed officials said, however, that they do not expect to have to use any of that money, given that the securities posted as collateral have a very low risk of default.
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