The nation’s top economic officials deliberated over the weekend as a run on bank deposits threatened to spread
By the time Ms. Yellen briefed President Biden on Sunday, the White House and the regulators had concluded that they didn’t have another realistic option. At the same time, the Fed launched a special lending program to ensure banks had wide access to central bank credit as needed.
Officials were coordinating their efforts by Thursday evening, as SVB faced a run. Depositors had become spooked about signs of instability at the bank, including its hasty effort to raise funds from stock investors. By Thursday evening of that week, regulators began to worry that SVB wouldn’t make it to the weekend.Preston Gannaway for The Wall Street Journal
Mr. Powell scrapped plans to travel to Basel, Switzerland, for a routine international bank meeting. Michael Barr, the Fed’s pointman on regulation, had left for a vacation on Thursday morning but was deluged by phone calls as soon as he got on the plane. After two days of nonstop work, he flew back to Washington early.
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