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The Federal Deposit Insurance Corp. (FDIC) and Federal Reserve are discussing creating a fund to backstop deposits if more banks fail following the collapse of Silicon Valley Bank.
Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 liquidity crisis.
Silicon Valley Bank reportedly held $173 billion in deposits.
The Fed interest rate is at 4.57% and $117 billion of Silicon Valley Bank securities are yielding only 1.56-1.66% – this is causing a run on the bank.By Friday Silicon Valley Bank was in FDIC receivership.The Federal Reserve caused the run on the bank by raising interest rates seven times in 2022.2022’s rate hikes totaling 450 basis points is causing problems for bankers because investors want to move their money into higher-yield bonds.After creating the problem in the first place, the Federal Reserve is now discussing a new vehicle that would allow regulators to backstop […]
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