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
protecting deposits an providing access to credit, to households and businesses, in manner that promotes strong an sustainable economic growth. here s the real after receiving recommendation from the boards of the fdic and the federa reserve, and consulting with the president, secretary yelle approved actions enabling th fdic to complete its resolutio with silicon valley bank and a manner that fully protects all depositors here s where the timeline come in depositors will have access to all of their money, starting monday, march 13th another important line, no los is associated with the solutio of silicon valley bank - will be borne by the taxpayers so much to unpack there, stephanie. i think wearing a get you back in the second. let me bring in representative judy chu of california representative chu, your reaction to the strength statement, this action by th treasury federal reserve enoug the icy?
depositors will have access to all of their money, starting monday, march 13th another important line, no los is associated with the solutio of silicon valley bank - will be borne by the taxpayers so much to unpack there, stephanie. i think wearing a get you back in the second. let me bring in representative judy chu of california representative chu, your reaction to the strength statement, this action by th treasury federal reserve enoug the icy? well, i m glad that they re taking decisive action that will definitely calm th nerves of the depositors i m actually on the treasury briefing right now, but stepped away in order to d this interview and they did - assure us of the same things but the taxpayers weren t goin to be liable for this. there would be no penny of the taxpayers that will pay fo this and that all the depositor will be made whole for silicon