“After receiving a advice from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen accepted actions enabling the FDIC to finish its decision of Silicon Valley Financial institution, Santa Clara, California, in a fashion that totally protects all depositors,” Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, stated in a joint press launch.
