Silicon Valley Bank Customers Line Up to Get Money
15 March 2023 04:08
Silicon Valley Bank Customers, waited in line to withdraw their money on Monday, after the federal government stepped in to guarantee deposits, following the bank's collapse.
Depositors withdrew savings and investors broadly sold off bank shares on Monday, as the federal government raced to reassure Americans, that the banking system was secure, after two bank failures fed fears that more financial institutions could fall.
Silicon Valley Bank customers lined up outside Silicon Valley Bank's Headquarters, in Santa Clara to withdraw the startup's money.
President Joe Biden insisted that the system was safe, after the second and third largest bank failures in the nation's history happened, in the span of 48 hours, in response to the crisis, regulators guaranteed all deposits at the two banks and created a program that effectively thew a lifeline to other banks, to shield them from a run on deposits.
In other developments, the federal reserve announced that it would review its supervision of Silicon Valley Bank.