Janet Yellen News

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Treasury Secretary Janet Yellen is expected to tell a banking conference on Tuesday that the federal government could step in to protect depositors at additional banks if regulators see a risk of a run on the banking system. 

Nearly two weeks after the collapse of three United States banks - Silicon Valley Bank (SVB), Silvergate and Signature- Treasury Secretary Janet Yellen said the federal government is ready to take action if needed. 

Treasury Secretary Janet Yellen is expected to tell a banking conference on Tuesday that the federal government could step in to protect depositors at additional banks if regulators see a risk of a run on the banking system. 

WASHINGTON—Treasury Secretary Janet Yellen told lawmakers that the U.S. banking system remained in good health after the collapse of two midsize banks, saying that bank regulators’ depositor-rescue plan had stemmed fallout from the panic. 

The biggest banks in the US swooped in to rescue First Republic Bank with a flood of cash totalling $30bn, in an effort to stop a spreading panic following a pair of recent bank failures.

WASHINGTON—Treasury Secretary Janet Yellen told lawmakers that the U.S. banking system remained in good health after the collapse of two midsize banks, saying that bank regulators’ depositor-rescue plan had stemmed fallout from the panic. 

On March 10, 2023, California's financial watchdog shut down Silicon Valley Bank (SVB) following an announcement of a significant sale of assets and stocks to raise $2.25 billion in capital to shore up operations. As a result, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver to protect insured deposits. While the FDIC only insures up to $250,000 per depositor, per institution, and per ownership category, concerns are mounting about the impact of the collapse of SVB, particularly on small businesses that employ people across the country.

The collapse of U.S.-based Silicon Valley Bank is unlikely to hit fundraising for tech startups in Southeast Asia, venture capitalists and an analyst told CNBC.

The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date.

Last week, another major quake shook crypto markets. Silvergate Bank — a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States — shut down operations due to liquidity problems. 

Yet another crypto-friendly bank has gone down with the collapse of New York-based Signature Bank. But according to the industry, crypto now cannot be stopped.

According to Web 3.0 analytics platform Watchers (0xscope), a total of 314.167 million USD Coin (USDC) has been sent by its issuer, Circle, to the Ethereum null address with header 0x00 on Mar. 13. The null address is typically used to remove tokens from circulation via one-way transactions. 

Over the last few days, the collapse of Signature and the Silicon Valley Bank has impacted the financial and crypto markets quite significantly.

Banking regulators devised a plan Sunday to shore up deposits at Silicon Valley Bank, a critical step in stemming a feared panic over the collapsed tech-focused institution.

United States authorities are working on "material action" over the weekend in an attempt to limit the ripple effect across the country's banking system after the Silicon Valley Bank abruptly collapsed on March 10.

The sudden collapse of Silicon Valley Bank has set the stage for the latest fight over the role of the federal government in the financial sector, with Republican 2024 presidential hopefuls threatening to make any hint of a taxpayer-funded bailout a campaign issue.The issue’s clout and staying power will likely depend heavily on whether regulators are able to successfully shield the banking system from wider fallout, and by how losses are dealt with for depositors with holdings above the Federal Deposit Insurance Corp.’s $250,000-protection limits.Nikki Haley, the former South Carolina governor and United Nations ambassador running for the GOP nomination, was among the first in the still-emerging GOP field to call for no taxpayer exposure to the bank’s failure and by Sunday was already soliciting online campaign contributions on the topic.“Taxpayers should absolutely not bail out Silicon Valley Bank,” she said in a statement. “Private investors can purchase the bank and its assets. It is not the responsibility of the American taxpayer to step in. The era of big government and corporate bailouts must end.”

The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday. 

Silicon Valley Bank's customers, along with investors and bankers across the globe, are waiting for an announcement from U.S. regulators about what comes next after the largest bank failure since 2008.

Lawmakers in the US held a meeting with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the swift and stunning collapse of Silicon Valley Bank (SVB).

After regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working «to address the situation in a timely way,» but that a major government bailout is not on the table.