Treasury Secretary Janet Yellen held a meeting with financial regulators on Friday to discuss the situation around Silicon Valley Bank (SVB), according to a statement from the Treasury Department.
Yellen met with the Federal Reserve, the FDIC, and the Office of the Comptroller of the Currency and expressed full confidence in regulators to take appropriate action around the bank.
Yellen also stated that the banking system remains resilient and that regulators have effective tools to deal with the situation.
The FDIC is currently combing through the bank’s assets to separate the good and the bad, following a $2 billion loss on a portfolio of US treasuries that forced the bank to sell shares against it to shore up its capital levels.
It is not yet clear what led to the sale of the portfolio.
There are concerns about the bank’s exposure to other industries, particularly cryptocurrency.
