US guarantees Silicon Valley Bank deposits amid bank crisis fears
US regulators move to protect depositors amid concerns of broader fallout from second-largest bank failure in history. The United States government has announced it will guarantee deposits at failed Silicon Valley Bank (SVB), as financial regulators rush to alleviate fears the tech-focused lender’s collapse could set off a broader financial crisis. In a statement on Sunday, the US Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) said that all customers would be protected and be able to fully access their funds following the bank’s collapse. “Today we are taking decisive actions to protect the US economy by strengthening public confidence in our banking system,” the agencies said in a joint statement. “This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” But regulators