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Joint Press Release March 12, 2023

Joint Statement by Treasury, Federal Reserve, and FDIC Department of the Treasury

Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

For release at 6:15 p.m. EDT

Share Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.

Last Update: March 12, 2023

Joint Press Release March 12, 2023 Joint Statement by Treasury, Federal Reserve, and FDIC Department of the Treasury Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation For release at 6:15 p.m. EDT Share Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth. After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law. Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe. Last Update: March 12, 2023 [Source Article](https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm)

(post is archived)

[–] • 6 pts (edited )

That must mean they saw a run on other banks starting and that it's far worse than they acknowledge. This is to placate and obscure reality.

[–] • 1 pt

You saw what so many people missed. This has the capability to snowball and this is the only way they can apply brakes. I was waiting for Monday's run in the markets. Already looked at precious metals, they jumped already overseas. Stand ready if your holding commodities. Hope this morsel of knowledge helps you out.

[–] • 2 pts

Inflation is going to go nuts even more now. Thank God gold and silver has been my play for years now.

[–] • 0 pt

The precious metals futures markets have been have been shooting up since the news broke on Friday. I was waiting for Silver to drop some more before I bought more. I guess I should have grabbed it while I could. It may never be see Friday’s lows again.

[–] [deleted] • 2 pts

No losses will be borne by taxpayers

Uhh, then who is paying for the losses? The only way the government can "protect" deposites is with taxpayer money.

[–] • 3 pts

Federal reserve is not part of the US government…

[–] [deleted] • 1 pt

One thing that we know will not happen is that the Federal Reserve will not reach into its collective vast assets and bail out the bank.

[–] • 1 pt

Money printer go brrr. No, really.

[–] • 0 pt

File THAT one right next to "safe and effective"

[–] • 0 pt

Bondholders and stockholders.

[–] • 0 pt

Same exact comment type three different accounts

[–] • 2 pts

If I was an unsecured creditor, of have a complaint ready for the federal docket 8am Monday morning. I really don't see any legal authority for doing something like this.

TBH, I suspect all of this is going down on purpose to eliminate competition for structurally important Banks (sibs). Sibs are largely in bed with both the democrat party, and the government in general. When JP Morgan cuts off the my pillow guy from banking services (but not Epstein, even after he was convicted), MPG goes to a local regional bank or credit union that better aligns with his politics.

The fed knew damn well that they were setting up this situation where banks couldn't offer market interest rates with their current portfolio of long term debt. But, they let it happen because knocking out a thousand or two regional banks and credit unions will centralize the control of capital at the big structurally important Banks, making everyone easier to control.

[–] • 1 pt

I agree they love centralization, tbtf and planned it to be this way.

Regarding depositors with >$250K accounts being made whole ... https://poal.co/s/USNews/621714

[–] • 1 pt

Well, that's good, and they're not bailing out the bank which is even better.

[–] • 0 pt

Sounds good anyway. The devil is in the details ... tbd.

[–] [deleted] • 0 pt

money printer go brrr?

[–] • 0 pt

Bondholders and stockholders (but I hear a "brrrrrrr" in the background)

[–] • 0 pt

How many alt accounts do you have...?

[–] • 0 pt

2 accounts. Lurker17 and I used Lurker_17 years ago for a brief period (because I forgot my password) until AOU unlocked my original Lurker17 account.

Now do you.

Are you going to apologize to me after this false alt accusation? I'm not holding my breath. You are going to look like a damned fool though.