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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 ....
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 ....
The move the fed - the fdic made tonight was to say, we re gonna ensure yo above that we re gonna make you hole. which has been huge for lots o small businesses, specifically in the start-up space. because here s what interesting or important about silicon valley bank. what s interesting is there an enormous concentration to th tech industry, the start-u role what got us here - this bank had about 40 billion dollars. once the pandemic hit, you saw that huge push into start-ups. that huge investment they ballooned to having deposits, almost 200 billion they took a bunch of that mone and invested it in mortgag backed securities an treasuries, which interest rates are going up. so the question right now is we ve made this move to help silicon valley bank s. tonight, you re doing it wit another bank at shut down. we re gonna see how they r gonna help if there is contagion if this makes its way across o the banks, which most likely i won t, this is different fro ....
The businesses are going to be able to get their money. they are going to be able to pay their bills. they re not gonna lose anything now, it becomes far less urgen to figure out what s gonna happen to the banks that are basically created out of the shells of this failed banks. if you remember another enormous failure tha happened in 2008 in the summer it took nine months and fdic 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 ....
Goes to protect depositors normally only up to $250,000 in the case of these two banks all deposits are protected pretty much all of them. and, no taxpayer money i involved in that cycle and in this case, the fdic i going to have to make a specia assessment to increase the amount of money it has in it fund after so much of it goe out in order to make the depositors of these two banks. i can tell you over the weekend, not all of the banks wante this to happen the community banks are saying basically, why should we hav to pay to bail out, as one might say, these larger banks? that is, that is a bailout in way, but in another way it has nothing to do with taxpaye money, and i think that is the line that the government i trying to draw here. emily, you heard my colleague gary grew back talking about how congressiona ....