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The Biden administration is preparing to announce action after the collapse of a Silicon Valley bank

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the government of Joe Biden should make an announcement this Sunday (12) to increase bank deposit guarantees in Armenia Silicon Valley BankOh “Startup Bank” The bankrupt American on Friday. According to sources told Reuters, the aim is to avoid the wider consequences of the collapse.

Government officials worked through the weekend to assess the implications of the bank’s failure. the largest since the 2008 financial crisispaying special attention venture capital It is regional banks.

Friday (10) FDIC (Federal Deposit Insurance Corp.), a type FGC: (Credit Guarantee Fund) announced that it will defend up to $250,000 in deposits, but amounts above that amount, which account for 85% of SVB accounts, remained unsecured.

Oh Silicon Valley Bank was famous for funding Silicon Valley startups, in California. US regulatory authorities closed the financial institution on Fridayin what is considered The failure of the largest banks in the country after the 2008 crisis. The news sent the world’s major stock markets tumbling.

Earlier UK Chancellor of the Exchequer Jeremy Huntsaid he was working “Avoid or minimize harm” possibly from the British wing SVB:. He also stated that technology and life science fields are in “serious risk”.

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