Janet Yellen said on Sunday that the US government was working with banking regulators to help depositors at Silicon Valley Bank but rejected the idea of a bailout.
Speaking to CBS on Sunday, the treasury secretary sought to reassure U.S. customers of the failed technology lender that the policies he was negotiating to prevent a sudden collapse this week. The Federal Deposit Insurance Corporation (FDIC) took control of the bank on Friday morning.
“Let me be clear that during the financial crisis, there were investors and owners of big systemic banks that were bailed out . . . and the reforms that we’ve put in place mean we’re not going to do that again,” Yellen said.
“But we are concerned about our depositors, and we are focused on meeting their needs.”