US Treasury Secretary Yellen: Regulators are formulating policies to solve the banking incident in Silicon Valley

According to reports, US Treasury Secretary Yellen said that any bank failure would constitute “obvious concern”. The US banking system is safe, capital is sufficient and resilient. Regulators are formulating policies to address the banking incident in Silicon Valley. Try to solve the current problem “in time”, but we can’t provide more details at present. Make sure that the problems of one bank will not spread to other banks. However, Yellen said that of course, he would not repeat the past rescue of banks. The problem of the technology industry is not the “core” of the collapse of Silicon Valley banks. The FDIC is considering a series of options for Silicon Valley banks, including acquisitions. The regulators are aware of this and are trying to meet the needs of bank depositors in Silicon Valley.

Interpretation of this information:

US Treasury Secretary Yellen gave an assurance that the US banking system is safe, sufficient and resilient amidst reports of Silicon Valley bank failures. Any bank failure would pose a concern, and regulators are working to address the incident in Silicon Valley. While trying to solve the current problem “in time,” more details cannot be provided at present. The priority is to contain the issue of one bank and prevent it from spreading to others.

However, Yellen also stated that past rescues of banks cannot be repeated, and the technology industry is not the “core” cause of the decline of Silicon Valley banks. The Federal Deposit Insurance Corporation (FDIC) is reviewing options to address the issue, including the possibility of acquisitions. Regulators are aware of the situation and are working to meet the needs of bank depositors in Silicon Valley.