On Sunday, US government regulators took decisive action to protect the US economy, providing assurances to the public for the safety and security of the US banking system. Treasury Secretary Janet Yellen directed the Federal Deposit Insurance Corporation (FDIC) to ensure customers of failed Silicon Valley Bank and Signature Bank will have access to all of their money starting Monday, March 13. Neither bank will suffer any loss borne by the taxpayer.

In the joint statement from Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, they clarified “after receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions...to fully protect all depositors”. Moreover, depositors of both banks will be made whole, “no losses associated with the resolution of [either] Bank will be borne by the taxpayer