If the US government doesn’t make a plan to bail out Silicon Valley Bank (SVB) depositors by tomorrow, the US will face a “devastating” banking crisis. It has been reported axis.
“If the US government fails to arrange a deal to bail out Silicon Valley Bank depositors before branches open tomorrow, President Biden faces a catastrophic banking crisis,” the statement said.
California regulators have now closed the bank, according to the Federal Deposit Insurance Corporation (FDIC). At the same time, the FDIC transferred all insured deposits in the SVB into Santa Clara’s National Bank for Deposit Insurance.
Formerly billionaire Bill Ekman, US authorities to behave otherwise, the economy could collapse due to the bankruptcy of the American bank Silicon Valley Bank.