WASHINGTON: US Treasury Secretary Janet Yellen on Sunday (Mar 12) said the government wanted to avoid financial 'contagion' from the implosion of the Silicon Valley Bank but rul
"We want to make sure that the troubles that exist at one bank don't create contagion to others that are sound," Yellen said during an interview with CBS.
However, regional lenders remained under pressure, including First Republic Bank, which slumped nearly 30 per cent in two sessions on Thursday and Friday, and Signature Bank, a cryptocurrency-exposed lender, which has lost a third of its value since Wednesday evening.
"During the financial crisis, there were investors and owners of systemic large banks that were bailed out ... and the reforms that have been put in place means that we're not going to do that again," she said.Following the 2008 failure of Lehman Brothers and the ensuing financial meltdown, US regulators required major banks to hold additional capital in case of trouble.
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