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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