After SVB failure, US guarantees all deposits to stem fallout

Published by
Reuters UK

By Andrea Shalal, Sarah N. Lynch and Lananh Nguyen WASHINGTON (Reuters) – U.S. officials stepped in to stem financial fallout from the failure of tech startup-focused Silicon Valley Bank, saying that all customers will have access to their deposits starting on Monday. The move will not lead to losses by American taxpayers and all depositors, including those whose funds exceed the maximum government-insured level, will be made whole, according to a joint statement by U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corp Chair Martin Gruenbe…

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