Yellen says no bailout for Silicon Valley Bank: ‘We’re not going to do that again’

Treasury Secretary Janet Yellen said Sunday that the federal government will not bail out Silicon Valley Bank (SVB) but will help to try to meet the "needs" of depositors who stand to lose millions after the bank collapsed last week.

The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000, but many of the companies and individual customers who used the bank had much more than that in their account. Yellen signaled on CBS’ "Face the Nation" that government bailouts like those from the 2008 financial crisis would not be considered but that she expected regulators to weigh "a wide range of available options" for protecting those depositors.