New York-based Signature Bank taken over by regulators as government vows to protect account holders at Silicon Valley Bank.

Posted BY: | NwoReport

Amid bipartisan criticism it was too slow to act,  the Biden administration is accelerating efforts to stave off an epic financial crisis as regulators seized control of a new failed bank in New York while assuring account holders at the shuttered Silicon Valley Bank in California their money will be protected and made available soon.

With hours before markets opened in Asia, regulators at the U.S. Treasury Department, Federal Reserve Bank, and the Federal Deposit Insurance Corp. tried to calm jitters worldwide Sunday while combating the factors that caused the first bank in Santa Clara, Calif., to fail.

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“Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system,” the agencies said in a joint statement. “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” 

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