Mar. 13, 2023: Everything about the bank crisis explained all at once
Federal agencies stepped in Sunday evening to backstop the failed Silicon Valley Bank and attempt to stem a burgeoning crisis among the nation’s medium-sized banks.
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Show Notes
If you work at Compass Coffee, Roblox, Vox Media, Etsy, Roku, Vimeo, LendingClub or any of the other companies with deposits at Silicon Valley Bank, you are waking up this morning with welcome news.
After a white-knuckle weekend you can be confident that payroll will be met, checks will clear and your company will have access to every cent of its SVB deposits, not just the FDIC-insured limit of $250,000, after federal agencies stepped in Sunday evening to backstop the failed bank and attempt to stem a burgeoning crisis among the nation’s medium-sized banks.
If you’re a banker, investor, financial regulator, business owner or Biden administration official, you might still be plenty nervous. While Sunday’s announcement was aimed at restoring faith in the banking system, the early word Monday is that the markets might not be buying it.
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Raghu Manavalan is the host and senior editor of POLITICO's Playbook Daily Briefing.
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