The Fed published the results of a review of Silicon Valley’s faltering in early May
Federal Reserve Chairman Jerome Powell stressed that the sudden default of the Silicon Valley bank calls for a comprehensive, transparent and speedy review.
Powell added that Fed Vice Chairman Michael Barr will lead oversight of this review and the results will be published on May 1.
The Federal Reserve and the Federal Deposit Insurance Corporation have confirmed the protection of the entire value of deposits in the “Silicon Valley” bank and “Signature Bank” and not only the value of $ 250 thousand.
It is noteworthy that the latest program of the Federal Reserve does not protect shareholders or creditors of troubled banks.
The Federal Reserve launched the Bank Term Funding Program, which will provide loans of up to one year to depository institutions, backed by US Treasury bills and mortgage-backed securities.