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View All Tweets * Search Search [ ] [Go] Search The Public + General Public o Auctions o Report Scam Attempts o Savings Bonds Businesses + All Businesses o Form 941, employer's quarterly federal tax return o Employer Identification Number (EIN) + Small Businesses o Small Business Contacts Financial Institutions + All Financial Institutions o Specially Designated Nationals list o Interest rate statistics o Quarterly refunding information Government + Federal Government o Budget, Financial Reporting, Planning and Performance o Shared Services o TreasuryDirect for Government Breadcrumb 1. Home 2. News 3. Press Releases News * Press Releases + Statements & Remarks + Readouts + Testimonies * Featured Stories * Webcasts * Press Contacts Press Releases Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC March 12, 2023 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. ### Use featured image Off Latest News March 12, 2023 Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC READOUT: U.S. Candidate for President of the World Bank Ajay Banga Visit to the United Kingdom March 10, 2023 The U.S. Economic Recovery in International Context READOUT: Secretary of the Treasury Janet L. Yellen Convenes Financial Regulators Testimony of Secretary of the Treasury Janet L. 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