The Silicon Valley Bank collapsed rocked the banking industry last Friday.
In an unprecedented Sunday night decision, the Federal Reserve, Treasury Department, and FDIC released a joint statement saying they will make all depositors whole — regardless of the $250,000 normal FDIC limit.
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Here’s the full press release:
Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access
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