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SVB fallout: Fed calls emergency meeting tomorrow

Mar 12, 2023, 11:50 am

The US Federal Reserve will hold a closed-door emergency meeting on Monday of the Board of Governors amid the fallout of the  Silicon Valley Bank. The meeting will be held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call. 

According to a statement released by Fed it will review and determine the advance and discount rates to be charged by the Federal Reserve Banks during the meeting.

FDIC, Fed, Treasury to brief California lawmakers on SVB

Meanwhile, Federal Deposit Insurance Corp. and the US Federal Reserve plan to brief California’s congressional delegation on the Silicon Valley Bank collapse at 11:00pm Saturday, after having to cancel a briefing originally set for earlier in the day, according to three people familiar with the plan.

The Treasury Department is set to hold a separate briefing for the lawmakers Sunday at 1:00pm, one of the people said. The situation is fluid and plans could change.

The briefings come amid discussions of what sort of response the US government may have to take to prevent contagion.

The FDIC and the Federal Reserve are weighing creating a fund that would allow the regulators to backstop more deposits at banks that run into trouble following Silicon Valley Bank’s collapse, according to people familiar with the matter, in hopes that it would reassure depositors and contain any panic.

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