Janet Yellen, US Treasury secretary, speaks during a Financial Stability Oversight Council (FSOC) meeting at the Treasury Department in Washington, DC, US, on Friday, Dec. 16, 2022.Ting Shen | Bloomberg | Getty ImagesAfter regulators shuttered Silicon Valley Bank and seized its deposits Friday, U.S. Treasury Secretary Janet Yellen said Sunday that she has been working “to address the situation in a timely way,” but that a major government bailout is not on the table.”Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we’re not going to do that again,” Yellen told CBS’ “Face the Nation.” “But we are concerned about depositors and are focused on trying to meet their needs.”SVB’s spectacular implosion began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet. Reassurances from SVB’s CEO were not enough to stop the bank run, and depositors withdrew more than $42 billion by the end of the day Thursday, setting the stage for the second-largest bank failure in U.S. history.The Federal Deposit Insurance Corpora …
