Government officials said 'no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.'
The U.S. Treasury Department on Sunday announced a measure to strengthen the public's confidence in the country's banking system following last week's collapse of Silicon Valley Bank and Sunday's seize of Signature Bank. That's insuring depositors got their money, but with no extra burden on taxpayers.
The joint press release on the Federal Reserve Board's website stated that Yellen and Powell consulted with Presidentbefore making their announcement. It also says it"approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors."
Reuters reported Sunday that Signature Bank had deposit balances of $89.17 billion on March 8, much lower than the $110.36 billion in assets at the end of 2022.
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