The administration of US President Joe Biden risks a crisis in the banking system if it does not quickly provide support to depositors at Silicon Valley Bank (SVB), writes the internet portal Axios.
The publication’s experts believe that the US authorities must make decisions on this issue before the morning of March 13, otherwise a “catastrophic crisis” will begin.
According to the Federal Deposit Insurance Corporation (FDIC), California regulators closed the SVB and insured deposits were transferred to a new organization – Deposit Insurance National Bank of Santa Clara.
Treasury Secretary Janet Yellen met with regulators two days ago and expressed her hope that they would be able to resolve the SVB situation.
