California banking regulators on Friday closed SVB,
appointing the FDIC as receiver to protect depositors at the
startup-focused lender. The bank failure was the largest since
the 2008-2009 financial crisis.
In testimony earlier on Friday before the U.S. House of
Representatives Ways and Means Committee, Yellen was asked about
SVB's situation and said: "There are recent developments that
concern a few banks that I'm monitoring very carefully. And when
banks experience financial losses, it is and should be a matter
of concern."
(Reporting by Paul Grant; Editing by Paul Simao)
(Adds details on Silicon Valley Bank failure, Yellen comments)
WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary
Janet Yellen met with banking regulators on Friday to discuss
the collapse of SVB Financial Group and expressed "full
confidence" in their abilities to respond to the situation and
that the U.S. banking system remains resilient, the Treasury
Department said.
The Treasury said in a statement that Yellen met with
officials from the Federal Reserve, the Federal Deposit
Insurance Corporation, and the Office of the Comptroller of the
Currency on Friday to discuss developments with SVB, which does
business as Silicon Valley Bank.
"Secretary Yellen expressed full confidence in banking
regulators to take appropriate actions in response and noted
that the banking system remains resilient and regulators have
effective tools to address this type of event," the Treasury
said.
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