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Published 1 year ago

USA: After Silicon Valley Bank, regulators shut down a second American bank

Summary by Ground News
On Friday, California regulators shut down Silicon Valley Bank (SVB) as depositors concerned about the institution’s balance sheet rushed to withdraw their money. It marked the biggest US bank collapse since Washington Mutual failed during the height of the 2008 global financial crisis. On Sunday, Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell, and FDIC Chairman Martin Gruenberg announced the US was introducing emergency measures to protect the economy.

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