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
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 bank it is shocking that this happened this is only the second larges bank failure in u.s. history after the one in 2008. but, i feel that the fdic an the department of treasury are doing a good job to ensure tha the positives will be made whole. we are of course, congressman, looking at th impacts of this nationally i want if you could talk u through our consumes for wha it could mean for california for your district specifically well, i m hoping that thi will not have a major impact
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
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 now, that