Federal authorities are stepping in to mitigate the latest United States financial situation after the doom of Silicon Valley Bank initiated a domino effect across the United States banking sector.
President Joe Biden reassured Americans on Monday that Federal Deposit Insurance Corporation-insured funds would be available to all depositors who had fallen victim to at least three failures.
The problem is SVB had a good chunk of extensive tech clientele after wrangling many well-known tech firms and their tycoons to generate enormous profits.
Federal regulators seized control of the bank hours after bonuses were paid to SVB employees.
Rumors have it that insiders in the know are pulling assets out of at least two other U.S. banks, which regulators flagged early this week.
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