Date: 2023-03-13T11:15:04Z Creator: Bitfolio Academy
The US Department of Treasury, the FDIC and the Federal Reserve announced a bailout for banks on Sunday evening. The banks themselves will not be saved or protected, But all customer funds deposited in the banks will be protected. So the 3.3 billion dollars that circle had deposited into silicon valley Bank will be redeemable. The money will be taken from the FDIC insurance fund. And the US Department of Treasury also announced a loan program for banks. The regulators felt a need to step in and intervene to prevent systemic and cascading bank failures.
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