Days after the collapse of Silicon Valley Bank, US Treasury Secretary Janet Yellen has said that the federal government will not bail out the company. Amid growing apprehensions that some workers across the country will not get their salaries, the top official, however, assured that he is working to help the concerned depositors.
“We’re not going to do that again,” she stressed, stressing that the current situation was different from the financial crisis nearly 15 years ago.
“But we’re concerned about depositors, and we’re focused on trying to meet their needs … The American banking system is really safe and well-capitalized. It’s resilient,” he told CBS’ added in an interview with the Face the Nation show.
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Yellen also tried to reassure Americans that there would be no domino effect following the collapse of the Silicon Valley bank.
more to come…
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