Highlights

US government says no bailout for Silicon Valley Bank
Working to help depositors of SVB: US Treasury Secretary
Situation much different from the 2008 financial crisis: Janet Yellen

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No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary

Name: No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary
Uploaded: 2023-03-12T22:11:06.000+05:30
Duration: T00M29S
Channel: AP
Description: US Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

US Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

Updated: Sep 02, 2022 10:53

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No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary

The US government will not be bailing out Silicon Valley Bank, Treasury Secretary Janet Yellen has said in an interiew with CBS news network, AP reported on Sunday.

Emphasising that 'the American banking system is really safe and well capitalised', Yellen assured that there will be 'no domino effect this time' after the bank's collapse.

Yellen however has said that the government was working closely with banking regulators to help depositors at SVB.

SVB's collpase is the largest failure of a financial institution since Washington Mutual collapsed at the height of the financial crisis more than a decade ago.

Also watch: IT Minister to meet start-ups to assess Silicon Valley Bank's collapse impact

Frequently Asked Questions

Is the US government bailing out Silicon Valley Bank?❯

No, US Treasury Secretary Janet Yellen stated the federal government will not be bailing out Silicon Valley Bank.

What is the US government doing to help after Silicon Valley Bank's collapse?❯

Did Janet Yellen comment on the safety of the broader banking system?❯

How significant was the collapse of Silicon Valley Bank?❯

Who did Janet Yellen say she was working with to help depositors?❯

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No federal bailout for Silicon Valley Bank but working to help depositors: US Treasury Secretary

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