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Joint Press Release

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March 12, 2023

Joint Statement by Treasury, Federal Reserve, and FDIC

Department of the Treasury

Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

For release at 6:15 p.m. EDT

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Washington, DC -- The following statement was released by Secretary
of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome
H. Powell, and FDIC Chairman Martin J. Gruenberg:

Today we are taking decisive actions to protect the U.S. economy by
strengthening public confidence in our banking system. This step will
ensure that the U.S. banking system continues to perform its vital
roles of protecting deposits and providing access to credit to
households and businesses in a manner that promotes strong and
sustainable economic growth.

After receiving a recommendation from the boards of the FDIC and the
Federal Reserve, and consulting with the President, Secretary Yellen
approved actions enabling the FDIC to complete its resolution of
Silicon Valley Bank, Santa Clara, California, in a manner that fully
protects all depositors. Depositors will have access to all of their
money starting Monday, March 13. No losses associated with the
resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for
Signature Bank, New York, New York, which was closed today by its
state chartering authority. All depositors of this institution will
be made whole. As with the resolution of Silicon Valley Bank, no
losses will be borne by the taxpayer.

Shareholders and certain unsecured debtholders will not be protected.
Senior management has also been removed. Any losses to the Deposit
Insurance Fund to support uninsured depositors will be recovered by a
special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make
available additional funding to eligible depository institutions to
help assure banks have the ability to meet the needs of all their
depositors.

The U.S. banking system remains resilient and on a solid foundation,
in large part due to reforms that were made after the financial
crisis that ensured better safeguards for the banking industry. Those
reforms combined with today's actions demonstrate our commitment to
take the necessary steps to ensure that depositors' savings remain
safe.

Last Update: March 12, 2023

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