Silicon Valley Bank hearing live updates: FDIC, Treasury, Fed officials testify before Senate panel
Department will all testify before the Senate Banking Committee at a hearing on the recent bank failures starting at 10 a.m.
This allowed the FDIC to guarantee hundreds of billions of dollars in uninsured deposits at the banks, money that might otherwise have been wiped out. But according to Barr, regulators were more afraid that if they did not backstop deposits, what started as a contained shock could explode into a full-blown financial crisis.
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