BREAKING: US government says all Silicon Valley Bank clients will have access to funds, announces steps to prevent more bank runs
By guaranteeing all deposits -- even the uninsured money customers kept with the failed SVB bank -- the government can ensure public confidence in America's banking system, said Yellen, Federal Reserve Chair Jerome Powell and FDIC Chairman Martin J. Gruenberg in a joint statement.
The FDIC opened an auction Sunday for bids to acquire the bank, the Treasury Department said in a briefing with lawmakers in the California delegation, two sources familiar with the briefing told CNN. If a sale fails, customers could collect some of their uninsured deposits as the government unwinds and liquidates the bank's assets to repay them. But it's not clear that the companies invested with the bank would recover all or close to all the cash they had stored at SVB through a liquidation alone -- that's why the government is reportedly looking to guarantee the deposits through a taxpayer-funded facility.
Treasury Secretary Janet Yellen has been in touch with financial regulators all weekend and working with them "diligently" following SVB's collapse, White House Office of Management and Budget Director Shalanda Young told CNN's Kaitlan Collins on "State of the Union."
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