additional funding available t help banks meet the needs of their depositors this comes just days after the collapse of silicon valley bank nbc news producer garrett grew back joins me now. gary, what more. do we know we do have the statemen straight from we will read a portion of it t you now. after a recommendation from th board, the fdic in the federal reserve, and consulting with the president, secretary yelle improved actions enabling th fdic to complete its resolutio of silicon valley bank tha mirror that fully protects the depositors what does this mean? basically, the depositors will have access to all of thei money starting tomorrow. and no losses associated wit the resolution of silico valley bank are going to b borne by the taxpayer. that is zero dollars there senior management of f s vp ar going to be completely removed from the company, according to treasury and they say that it i decisive action that wil protect the u.s. economy b strengthening public confid
mirror that fully protects the depositors what does this mean? basically, the depositors will have access to all of thei money starting tomorrow. and no losses associated wit the resolution of silico valley bank are going to b borne by the taxpayer. that is zero dollars there senior management of f s vp ar going to be completely removed from the company, according to treasury and they say that it i decisive action that wil protect the u.s. economy b strengthening public confidenc in the banking system. now, one big thing, th statement did not say wa anything about the sale of the bank if you talk to any members o congress, like our team on capitol hill, yesterday an today, the biggest thing the want is a sale of the bank and on the congressional side, the california delegation of republicans and democrat wrapped a briefing call this afternoon. they were briefed ahead of thi public statement they want both the engineering of a sale of the bank, and t raise the fdic limit right
James ahead to down load the mobile application if you want the state of data on breaking news as it happens. Reporter the call is hanging on the bay area just a little bent here is a live look and at sfo going on no delays we dont have yet with their asses some on the east coast lower 60s and one woman aboard to brought into when some there was plenty of slow traffic including the ride into San Francisco if you have to use it will be a 26 minute drive up to 237 it will have a complete check coming up including the san mateo bridge and the Richmond San Rafael bridge. James the Democratic Left the convention getting underway today in philadelphia this days ago the chairwoman Debbie Watson and show seemed energized about this weeks convention when the convention closes all the shows up the dnc chair as well of going sunday to step down to us will Eagle Service showing distaffers favored a recurrence and to over Bernie Sanders and the party 2016 primary. Reporter the Campaign Chairman sco
statement did not say wa anything about the sale of the bank if you talk to any members o congress, like our team on capitol hill, yesterday an today, the biggest thing the want is a sale of the bank and on the congressional side, the california delegation of republicans and democrat wrapped a briefing call this afternoon. they were briefed ahead of thi public statement they want both the engineering of a sale of the bank, and t raise the fdic limit right now, that is $250,000. but if that does need to get raised, or if that does want t get raised, that will need congressional approval and the house is out of town for the next week. that will require them to come back to washington as for the president, he i wrapping up his weekend, his working weekend in wilmington, he should be expected back a the white house later today. we have no word of any planned remarks or statements from him but we will certainly let yo know as soon as we hea anything from president. gary grew back reporting
but if that does need to get raised, or if that does want t get raised, that will need congressional approval and the house is out of town for the next week. that will require them to come back to washington as for the president, he i wrapping up his weekend, his working weekend in wilmington, he should be expected back a the white house later today. we have no word of any planned remarks or statements from him but we will certainly let yo know as soon as we hea anything from president. gary grew back reporting fro washington, gary i, suspec this is not the last time will be seeing you thi evening. please bring us some news as you have it. joining us now, emily flutter. she is a finance reporter at the new york times emily, i know you have bee working the phones since w spoke last what have you learned? what the regulators were no going to wait and see how th situation played out on monday i was shocked to see tha signature bank has failed. and it seems like it came as a shock to a l