Yellen says no federal bailout for Silicon Valley Bank

Biden expected to announce diverse picks for economic team in coming days
Posted at 10:01 AM, Mar 12, 2023
and last updated 2023-03-12 10:01:54-04

WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen says the federal government won't bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.

The Federal Deposit Insurance Corporation insures deposits up to $250,000.

But many of the companies and wealthy people who used the bank had more than that amount in their account.

There are fears that some workers across the country won't receive their paychecks.

Yellen, in an interview with CBS' "Face the Nation," emphasized that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry.