Administration guarantees all Silicon Valley Bank deposits in bid to head off banking crisis

The Biden administration said Sunday it would guarantee all deposits at the now-shuttered Silicon Valley Bank but insisted the move was not a taxpayer-funded bailout, while regulators closed a second institution, New York City’s Signature Bank, amid fears of an unfolding economic crisis. But some business leaders warned this may be just the beginning of a national reckoning with “woke” institutions that value left-wing politics over sound investing.