Mar 11, 2023 | News

Janet Yellen Convenes Regulators over Silicon Valley Bank Crisis

Janet Yellen Convenes Regulators over Silicon Valley Bank Crisis

Treasury Secretary Janet Yellen on Friday convened leading financial regulators over the Silicon Valley Bank crisis.

Yellen convened the leaders of the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency to discuss what actions should be taken now that regulators shut down Silicon Valley Bank.

A Treasury Department readout noted, “Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains resilient and regulators have effective tools to address this type of event.”

Yellen said early Friday morning during a House Ways and Means Committee hearing that she is monitoring the situation.

“There are recent developments that concern a few banks that I’m monitoring very carefully. And when banks experience financial losses, it…

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