Yellen addresses Silicon Valley Bank’s woes, saying she’s monitoring a few banks
Treasury Secretary Janet Yellen said Friday she’s tracking Silicon Valley Bank’s problems as it deals with big losses.
“You mentioned Silicon Valley Bank,” Yellen said, as she responded to a lawmaker while testifying before the House Ways and Means Committee. “There are recent developments that concern a few banks that I’m monitoring very carefully, and when banks experience financial losses, it is and it should be a matter of concern,”
The stock of Silicon Valley Bank parent company SVB Financial Group SIVB, has been plunging after the company disclosed large losses from securities sales and a stock offering meant to provide a boost to its balance sheet.
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