All Depositors of Silicon Valley Bank (SVB) Protected by U.S. Department of the Treasury, Federal Reserve, and FDIC

On March 12, 2023 announced action in light of the closure of SVB (Silicon Valley Bank) which protects all insured and uninsured deposits at the bank. Here is an excerpt:

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13.  No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

Additional details have been posted on March 13, 2023 by the FDIC here.

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