- Treasury Secretary Janet Yellen told senators that government refunds of uninsured deposits will not be extended to every bank that fails, only those that pose systemic risk to the financial system.
- Yellen has been at the center of an emergency program to refund billions of dollars in uninsured deposits held by clients of the failed Silicon Valley Bank and the shuttered Signature Bank.
- But with markets recovering somewhat, lawmakers were concerned these backstops could become a new norm for big banks, giving “too big to fail” banks an unfair advantage over community lenders.
See also CNBC: "PacWest falls 10% after regional bank discloses deposit outflows, additional liquidity"
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- These governments are absolutely clueless …
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- Next Domino – Bank of Spain
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