The US federal government has said all Silicon Valley Bank clients will be protected and have access to their funds, just days after the bank failed and sent its customers panicking.
The Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation announced steps on Sunday designed to protect the bank’s customers and prevent more bank runs.
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“This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement.
