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?
we start this hour wit breaking news of washington. the federal reserve just announced it will make 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
receivership of where it was called so, that could happen here because the urgency is gone. we don t need a midnight dea anymore. that means the government isn gonna offer the same kind of deals that they might have under more pressure. i want to redo a line fro this joint statement by th treasury federal reserve and fdic after receiving a recommendation from the boar of the fdic and federal reserve, and consulting with th president, the secretary approved actions enabling th fdic to complete its resolutio silicon valley bank. any sense of what that consultation with the presiden looked like? can you walk us through th tiktok of how this went down so, that language i designed to show that the fdic and the other regulators wer following the law. the financial reform require this kind of consultation in
i m gonna read to our viewer from the statement, the join statement coming from treasury the federal reserve, and the - very number of points that remained - particularly telling you have the treasury federa reserve and fdic saying today, we re taking decisive action to - strengthen public confidence i our banking system this step will ensure that the big dance system continues t perform its vital roles of 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
bring it on, all alone issue later who refused to quit when her teammates did taking on th state championships by herself i will talk to kristen coe hil coming up as well. we begin this hour though with the biggest bank collapsed and secret russian in 2008 silicon valley bank whic posted over 200 billion dollar in assets was taken over by th fdic yesterday federal regulators now tryin to contain the largest ban failure since the 2008 crisi as the tech start-ups wh relied on as vp wonder if they will get their money back. kara then dick - is a tech reporter for the washington post and is joining us now garrett, thank you for joining us on. this we appreciate it. let s talk about payroll right i think one of the questions a lot of folks were asking whe this all happened yesterday wa okay, what are the real worl consequences of this how will this affect me at home? and effects a lot of folks in