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U.S. regulators work to backstop deposits as Silicon Valley Bank and Signature Bank fail
Federal regulators are holding an auction for Silicon Valley Bank and also taking action to backstop uninsured deposits at the failed bank. The FDIC is holding an auction with the Treasury Department and other regulators to find a buyer for the bank as quickly as possible, with bids due by Sunday afternoon. In a move to stave off concern that Silicon Valley Bank's insolvency could prevent start-ups and other businesses that had uninsured deposits with the failed bank from making payroll or continuing their operations, the FDIC in concert with the Treasury Department and Federal Reserve announced a systemic risk backstop under which all Silicon Valley Bank depositors will be protected.
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