U.S. Treasury Secretary Janet Yellen met with banking regulators on Friday to discuss the collapse of SVB Financial Group and expressed 'full confidence' in their abilities to respond to the situation and that the U.S. banking system remains resilient, the Treasury Department said.
and expressed "full confidence" in their abilities to respond to the situation and that the U.S. banking system remains resilient, the Treasury Department said.
The Treasury said in a statement that Yellen met with officials from the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency on Friday to discuss developments with SVB, which does business as Silicon Valley Bank. U.S. Treasury Secretary Janet Yellen testifies before a U.S. House Ways and Means Committee hearing on President Joe Biden's fiscal year 2024 Budget Request on Capitol Hill in Washington, U.S., March 10, 2023. REUTERS/Evelyn Hockstein
"Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event," the Treasury said.SVB, appointing the FDIC as receiver to protect depositors at the startup-focused lender. The bank failure was the largest since the 2008-2009 financial crisis.
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