Government Steps In With Plan to Protect All Deposits at Silicon Valley Bank

Banking regulators announced an emergency measure on Sunday to fully protect deposits at Silicon Valley Bank, a critical move in averting a panic over the bank’s collapse.
U.S. Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have revealed the plan in a joint statement.
“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the statement read.
Treasury Secretary Janet Yellen, after consulting with the president and regulators, has authorized the plan that “fully protects all depositors.”
Currently, the maximum amount of protection provided by the FDIC to any one depositor is $250,000. However, under the new plan, all deposits, both insured and uninsured, will be protected….}