Americas

President Biden and California Governor Newsom to Discuss Silicon Valley Bank Bankruptcy

WASHINGTON (Sputnik) - US President Joe Biden has discussed the Silicon Valley Bank (SVB) failure and response measures with California Governor Gavin Newsom, the White House informs.
Sputnik
The California Department of Financial Protection and Innovation announced on Friday that it was taking possession of SVB, citing inadequate liquidity and insolvency. It is reportedly the second-largest bank failure in US history.
"The President and the Governor also spoke about Silicon Valley Bank and efforts to address the situation," the White House said in a Saturday statement.
Biden and Newsom also discussed emergency support to California following the winter storm, landslides and flooding.
Economy
How Biden and the Fed Caused Silicon Valley Bank to Tank
US Council of Economic Advisers Chair Cecilia Rouse told reporters on Friday that US Treasury Secretary Janet Yellen was closely monitoring the situation concerning the Silicon Valley Bank after its failure.
Also on Friday, the Treasury Department announced that Yellen convened the leaders of the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to discuss developments concerning the SVB. Yellen expressed full confidence in banking regulators to take appropriate actions in response to the situation, the Treasury Department said.
Discuss