The Blubber

The US system of Federal Home Loan Banks, a key source of cash for regional banks, is seeking to raise about $64 billion through the sale of short-term notes, per Bloomberg.

This is developpng.

Additionally, the FDIC has said: no losses for Silicon Valley Bank will be borne by the taxpayer.

Biden also said: I am committed to "holding those responsible for this mess fully accountable."

He fully said:

At my direction, @SecYellen and my National Economic Council Director worked with banking regulators to address problems at Silicon Valley Bank and Signature Bank. I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system.

The American people and American businesses can have confidence that their bank deposits will be there when they need them.

I’m firmly committed to holding those responsible for this mess fully accountable and to continuing our efforts to strengthen oversight and regulation of larger banks so that we are not in this position again. I’ll have more to say on this tomorrow morning.

Yesterdau, The Treasury says said it sees some institutions with issues similar to Silicon Valley Bank, per Bloomberg.

Additionally a US Treasury official says this situation is not 2008 and firms are not being bailed out.

Today, Federal Reserve also announced new emergency bank term funding program.