The Federal Deposit Insurance Corporation will “complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors, both insured and uninsured,” the Federal Reserve Board announced a broader plan to shore up the US financial system following the bank’s sudden downfall.
The move offered reassurance to startup leaders in Silicon Valley, Seattle, and elsewhere across the country. Many of those tech leaders have spent the past four days scrambling for solutions after an extraordinary bank run, sparked by loss of confidence in Silicon Valley Bank’s financial position, made it insolvent late last week.
However, the catharsis was also mixed with ongoing concerns about the broader U.S. financial markets, and lingering frustration about the way Silicon Valley Bank imploded.