US Treasury Secretary Janet Yellen today “summoned” several regulators from the banking and financial sectors to review the situation caused by the closure of the SVB Bank by decision of the authorities.
In a statement, the person in charge of economics and finance in President Joe Biden’s government detailed that she hosted the directors of the central bank (Federal Reserve), the agency responsible for guaranteeing bank deposits (FDIC, in English acronym) and who controls the banking sector, including branches of foreign banks (OCC, its abbreviation in English), “to discuss developments around Silicon Valley Bank.”
According to the text, Yellen “expressed her full confidence that banking regulators will take appropriate action” and emphasized that “the banking system remains resilient and that regulators have effective tools to respond to such events.”
The bank was closed due to its failure to respond to a run on deposits by its customers, mainly from the technology sector, and its inability to raise new funds.
Author: Portuguese
Source: CM Jornal
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