Yellen Confirms Chinese, Other Foreign SVB Depositors Will Be Protected

Yellen Confirms Chinese, Other Foreign SVB Depositors Will Be Protected
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
Andrew Moran
Updated:
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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.

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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