U.S. government moves to stop potential banking crisis

The U-S government has taken action to stop a potential banking crisis after the historic failure of Silicon Valley Bank. In an effort to prevent a financial free-fall, the Treasury Department, Federal Reserve, and FDIC announced that all Silicon Valley Bank clients would be protected and able to access their money. The extraordinary government intervention was the most extensive since the 2008 financial crisis. President Biden welcomed the action, saying “the American people and American businesses can have confidence that their bank deposits will be there when they need them.”