On March 10, Silicon Valley Bank (SVB) collapsed and the Signature Bank declared bankruptcy two days later, shaking up the banking and financial sectors for a possible run on the banks and a collapse. US federal regulators closed SVB, the largest US bank to fold since the 2008 financial crisis. The collapse of SVB was connected with the increase in interest rates by the Federal Reserve and with poor risk management, among other factors. Following the collapse of Silicon Valley Bank and Signature Bank, US Treasury Secretary Janet Yellen said reforms to tighten financial regulations were in order.

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