WASHINGTON, Mar 11 The White House is helping resolve the bankrupt Silicon Valley Bank (SVB), California Gov. Gavin Newsom said.
«In the past 48 hours, I have been in touch with White House and Treasury officials,» Newsom said in a statement released by the governor's office.
He stressed that officials are working «to stabilize the situation as soon as possible, protect jobs, savings and the entire investment ecosystem.»
California regulators have shut down Silicon Valley Bank (SVB), the biggest bank to fail in the US since the last financial crisis, according to the Federal Deposit Insurance Corporation (FDIC).
The FDIC transferred all insured deposits from the SVB to a separate entity it created, the Deposit Insurance National Bank of Santa Clara.
U.S. Treasury Secretary Janet Yellen met with regulators on Friday and expressed confidence in their ability to handle the SVB situation.