Uninsured Chinese depositors in the failed Silicon Valley Bank likely will be made whole through the special assessment on U.S. banks that is funding the rescue crafted by the Biden administration, Treasury Secretary Janet Yellen told lawmakers Thursday.
, I request that Treasury ensure that none of its assets end up in the hands of hostile, foreign adversaries,” Mr. Rubio wrote.Republicans, including Sen. Michael Crapo of Idaho, pressed Ms.
on whether the bank faced a cash crunch because its long-term debt lost value after the Fed’s series of interest rate hikes, intended to fight inflation.agreed that the bank’s long-term investments “had lost market value” due to the rate increases. But she said deficit spending by the government was not one of the main causes of inflation.‘s liquidity problems before it was too late.
Sen. Tim Scott, South Carolina Republican, criticized proposals to impose tighter regulations — “in other words, for banks that made responsible business decisions and have not failed.” Sen. Mark Warner, Virginia Democrat, said policymakers should consider ways to prevent people on social media from causing a run on banks, calling thereplied, “This is really a threat to banks. There can be contagion in situations such as this, and other banks can then fall prey to the same kinds of runs, which we certainly want to avoid.”‘s debt-ceiling showdown with House Republicans.
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