After Silicon Valley Bank's (SVB) collapse last week due to high interest rates, the Biden administration is determined to guarantee all deposits at SVB. Treasury Secretary Janet Yellen declared that a federal bailout of SVB will not happen while Office of Management and Budget Director Shalanda Young stressed that the US banking system is more resilient thanks to the reforms put in place since the 2008 financial crisis. The bank was ordered to be liquidated and the customers’ insured deposits will be paid Monday.

The collapse of SVB highlights clean tech’s dependence on political factors and the tenuousness of climate financing. SVB had provided financing for almost half of US venture-backed technology and health care companies and had $209 billion in total assets by the end of last year. In order to reduce the severity of the crisis, $42 billion of uninsured deposits were yanked from SVB,