The US Federal Reserve decided to provide additional funds to banks to maintain financial stability. DEA News Based on the statement made by the Ministry;
“The Fed Board will provide additional funding to eligible lenders to help banks meet the needs of all their depositors,” the statement said.
This call was prepared by Federal Reserve chairman Jerome Powell, Federal Deposit Insurance Corporation (FDIC) chairman Martin Grunberg, and U.S. Treasury Secretary Jeannette Yellen.
Earlier in a joint statement with the US Treasury, the Federal Reserve System (FRS), and the US Federal Deposit Insurance Commission, promise All SVB participants will have access to deposits from Monday 13 March.
According to NBC News, citing sources from the two departments, the US government is rushing to look for ways to protect SVB client assets over $250,000 that are not covered by the regular federal government guarantee.