U.S. Treasury Secretary Janet Yellen said on Thursday that regulators were working over the weekend to resolve the failure of startup lender Silicon Valley Bank (SVB). He said he was focusing more on depositors than bailing out investors, but did not provide details of possible solutions.
In an interview with CBS, Yellen reiterated that the U.S. banking system is safe, well-capitalized and strong. “We are working in a timely manner to address this issue,” officials said when asked if a solution would be presented before Asian markets open on Monday.
“When the financial crisis hit, investors and owners of big systemic banks were bailed out,” he said. “We are certainly not thinking of doing that. I am trying to do my best,” he said.
Original title:Yellen Says SVB Depositors’ Needs Are Focus for Regulators (1)(excerpt)
