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Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed

Emergency measures are launched by the US government to shore up confidence in the banking system after the collapse of Silicon Valley Bank, the largest bank failure since the 2008 financial crisis.

1 min read
  • Silicon Valley Bank, with assets of $209 billion, collapses, triggering emergency measures from the US government.
  • Under heavy pressure from California's tech industry to act, regulators moved the bank into receivership.
  • Investors raised concerns about a liquidity crisis, causing the stock to plummet.
  • Several long and dramatic days in Washington followed, with officials working to reassure depositors.
  • Treasury Secretary Janet Yellen appeared on CBS News' "Face the Nation" to discuss the situation.
Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed
The U.S. government launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank , the largest bank collapse since the 2008 financial crisis.
Reuters

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