US President Biden on the SVB depositor solution.
- Treasury secretary and national economic council director reached solution with banking regulators
- The solution avoids putting taxpayer dollars at risk
- American people and American businesses can have confidence that their bank deposits will be there when they need them
- Committed to 'holding those responsible for this mess fully accountable'
- Will deliver remarks on Monday morning on how we will maintain a resilient banking system to protect our historic economic recovery
- Plans to continue efforts to strengthen oversight of larger banks
ICYMI:
Background:
- More SVB - Federal Reserve examining steps to make funding easier as 'backstop' for banks
First Republic assures clients of continued strength of capital, liquidity, operations
Adam and Justin had eyes on developments all weekend (read from the bottom up for the chronology:
- Bitcoin isn't waiting for the bailout announcement as it takes off in 7% rally
- US government to make 'material' announcement on Silicon Valley Bank today - report
- Yellen: SVB collapse 'clearly a concern'
- SVB collapse: What's next?
- Fed in talks to create a fund to backstop deposits if more banks fail - report
More:
- US Treasury official says banks not being bailed out, depositors are being protected
- "US official says banks not being bailed out" - nah, they're being bailed out, here's how
