Yellen: No Govt Bailout For Silicon Valley Bank [VIDEO]

CNBC reports:

After regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working “to address the situation in a timely way,” but that a major government bailout is not on the table.

“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we’re not going to do that again,” Yellen told CBS’ “Face the Nation.”

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“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound. And goal always is supervision and regulation is to make sure that contagion can’t, can’t occur,” Sec Yellen says on face the nation. https://t.co/YORnDLHcQ1

— Kylie Atwood (@kylieatwood) March 12, 2023

Asked whether the government might bail out banks as it did during the 2008 crisis, @SecYellen says, “We’re not going to do that again.” But she adds, “We are concerned about depositors and are focused on trying to meet their needs.” pic.twitter.com/sg5WBFWfPj

— Face The Nation (@FaceTheNation) March 12, 2023