President Biden delivers remarks on the collapse of Silicon Valley Bank after Treasury Sec. Yellen promised there would be no bailout.

RELATED: Fed Chair Jerome Powell appears before Senate Banking Committee https://bit.ly/3JaMYvm

Federal regulators said Sunday they were taking steps to ensure that depositors of the failed Silicon Valley Bank will have access to all their money on Monday. The Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corporation announced that the bank’s troubles posed a systemic risk to the financial system, allowing regulators to take the unusual step of guaranteeing the deposits.

“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the agencies said in a joint statement. The regulators also said they were taking over a second failing financial institution, Signature Bank of New York, and similarly designating it as posing a systemic risk and stating the federal agencies would backstop its deposits.

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