- The Federal Deposit Insurance Corporation (FDIC) is leading an auction to find a potential buyer for Silicon Valley Bank.
- Janet Yellen assured customers of the failed tech lender that policies were being discussed to ensure depositors have access to their funds.
- 96% of SVB customers are uninsured and the FDIC will pay them an “advance dividend” within the week.
- Lawmakers, investors, and entrepreneurs are calling for the US government to step in and ensure all depositors are made whole.
- Treasury secretary said she had been “working all weekend” with banking regulators to “design appropriate policies”.
US regulators seek buyer for SVB as government rejects bailout
FDIC holds auction to buy tech lender as Washington promises policies to stem fallout from its collapse
Colby Smith
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