US to protect depositors in wake of Silicon Valley Bank collapse

US to protect depositors in wake of Silicon Valley Bank collapse
Silicon Valley Bank headquarters in Santa Clara, California. (Image: Getty)
Bloomberg
By Craig Torres and Christopher CondonUS authorities raced today to stem jitters about the health of the financial system after the collapse of Silicon Valley Bank, introducing a new backstop for banks that Federal Reserve officials said was big enough to protect the nation’s deposits.The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp jointly announced the efforts, aimed at strengthening confidence in the banking system after SVB’s failure spurred worry about spillover effects. Concerns spread today when sta...

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