US Treasury Secretary says they’ve ruled out SVB bailout

Treasury Secretary Janet Yellen listens as she testifies during a House Ways and Means committee hearing on President Joe Biden’s fiscal year 2024 budget request, Friday, March 10, 2023, on Capitol Hill in Washington. (AP Photo/Mariam Zuhaib)

On Sunday, US Treasury Secretary Janet Yellen told CBS News in an interview that they will not bail out Silicon Valley Bank following its recent collapse. When asked directly, Yellen stated that previously, during the financial crisis, there were investors and bank owners that “were bailed out” but “the reforms that have been put in place means that we’re not going to do that again.” Yellen also said she’s been hearing from many small business depositors who employ thousands of people and has been working all weekend with banking regulators to address the situation. She did, however, decline to provide further details.

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