Yellen Confirms Chinese, Other Foreign SVB Depositors Will Be Protected

Questions raised amid concerns that ‘hostile, foreign adversaries’ could benefit from bank’s collapse

Treasury Secretary Janet Yellen testifies about the Biden administration's FY2024 federal budget proposal before the Senate Finance Committee in the Dirksen Senate Office Building on Capitol Hill in Washington on March 16, 2023. Chip Somodevilla/Getty Images

As part of the U.S. government’s extraordinary measures to shield insured and uninsured depositors at Silicon Valley Bank from losses, foreign clients also will be protected, Treasury Secretary Janet Yellen confirmed.

The rescue package will be funded partly by special assessments levied on U.S. banks to recoup these losses and make customers whole.