that s a saving grace for customers of silicon valley bank as much as $220 billion in assets were uninsured. it s a move to prevent a run on additional banks and makes it so the tech companies that banked with svb can make payroll. at least 29 were impacted including big names like pinterest, fit bit, zip recruiter who name a few. separately the same has been done for new york signature bank shut down over the weekend. treasury secretary janet yellen says this action does not equal bailing out the banks. during the financial crisis, there were investors and owners of systemic large banks that were bailed out and we re certainly not looking into the reforms that have been put in place means that we re not going to do that again. but, we are concerned about depositors and are focused on trying to meet their needs. ceo of pershing square bill ache man says he agrees it s not a bailout. a term come to be used he said this on twitter, quote: more banks will likely fail despite
T com ainsley: this is a fox news alert. president biden is expected to address the nation later this morning after the abrupt collapse of silicone valley bank over the weekend. lawrence: so a second bank has now collapsed in the aftermath and experts warn there could be many more. brian: alexandria hoff is live at the white house with the latest. u.s. regulators went to work this weekend. that resulted in a promise that all depositors will have access to all of their money today. in essence, what this work did was waived the 250,000 insurance limit for deposit.