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Yellen says government will help SVB depositors but rules out bailout

Janet Yellen stated on Sunday that the US authorities was working carefully with banking regulators to assist depositors at Silicon Valley Financial institution however dismissed the thought of a bailout.

Talking with CBS on Sunday, the treasury secretary sought to guarantee US prospects of the failed tech lender that insurance policies have been being mentioned to stem the fallout from the sudden collapse this week. The Federal Deposit Insurance coverage Company (FDIC) took management of the financial institution on Friday morning.

“Let me be clear that through the monetary disaster, there have been buyers and house owners of systemic giant banks that have been bailed out . . . and the reforms which have been put in place means we’re not going to do this once more,” Yellen stated.

“However we’re involved about depositors, and we’re centered on attempting to satisfy their wants.”