On Sunday night, President Joe Biden addressed the nation and promised to take action against those responsible for the banking crisis that has led to the closure of two banks: Silicon Valley Bank and Signature Bank. The federal government is taking measures to ensure the security of the US's financial system and ensure all deposits are accessible when needed.

The US government has appointed the Federal Deposit Insurance Corporation (FDIC) to act as receiver for Silicon Valley Bank, creating the Deposit Insurance National Bank of Santa Clara to transfer all insured deposits. As of the end of 2022, Silicon Valley Bank had roughly $209 billion in total assets and about $174.5 billion in total deposits, according to the FDIC.

Though Treasury Secretary Janet Yellen has ruled out a federal bailout for Silicon Valley Bank’s investors, she did say that the Biden administration is working to meet the needs of its depositors. Yellen said she's been hearing from