Monday, March 13, 2023

U.S. Regulators are working to bail out (Backstop) wealthy SVB customers not protected over $250,000 FDIC Insurance

US regulators say SVB customers will be made whole as second bank fails

Snippet of Article: "an extraordinary action to restore confidence in America’s banking system, the Biden administration on Sunday guaranteed that customers of the failed Silicon Valley Bank will have access to all their money starting Monday. ...By guaranteeing all deposits – even the uninsured money that customers kept with the failed banks –...The Fed will also make additional funding available for eligible financial institutions to prevent runs on similar banks in the future. "

Source: CNN

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