Treasury Secretary Janet Yellen said Sunday that the federal government is not considering a bailout for Silicon Valley Bank, but is focused on addressing the needs of the failed bank’s depositors.

During an interview CBS’ “Face the Nation,” Yellen drew a distinction between how the current situation surrounding Silicon Valley Bank would be handled compared to the global financial crisis that led to historic bank bailouts 15 years ago.

“​​We’re not going to do that again,” Yellen said in reference to a potential bailout. “But we are concerned about depositors and are focused on trying to meet their needs.”

After Silicon Valley Bank was closed by California banking regulators on Friday, its operations were overtaken by the Federal Deposit Insurance Corporation (FDIC), which insures member bank deposits of up to $250,000.

Among the 20 largest commercial banks in the U.S., the bank had $209 billion in assets under management and around $175 billion in deposits by the end of last year. As the bank’s reopening on Monday draws closer, tech startups and multiple crypto firms await to see what funds they’ll be able to recover beyond what’s insured.

The collapse of Silicon Valley Bank was one of the

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Author: André Beganski

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