US treasury secretary says Biden administration is working closely with regulators to help depositors as fears of banking crisis rise
The US treasury secretary, Janet Yellen, said on Sunday there will be no bailout for Silicon Valley Bank, which collapsed this week, raising fears of a banking crisis, but also said the Biden administration was working closely with regulators to help depositors hit by the fall of SVB.
Yellen said conditions did not match the 2008 financial crisis, when the collapse of large financial institutions threatened to bring down the global financial system.