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A Silicon Valley Bank worker talks with people lining up outside of the bank office on March 13, 2023 in Santa Clara, California. Days after Silicon Valley Bank collapsed, customers are lining up to try and retrieve their funds from the failed bank. The Silicon Valley Bank failure is the second largest in U.S. history. Justin Sullivan/Getty Images hide caption
A Silicon Valley Bank worker talks with people lining up outside of the bank office on March 13, 2023 in Santa Clara, California. Days after Silicon Valley Bank collapsed, customers are lining up to try and retrieve their funds from the failed bank. The Silicon Valley Bank failure is the second largest in U.S. history.
Justin Sullivan/Getty ImagesThe Biden administration took extraordinary measures to protect the accounts of customers at two banks that failed over the past few days: Silicon Valley Bank and Signature Bank.
Federal regulators said Sunday that they were taking the emergency measures to prevent contagion at other small and regional banks in the wake of Silicon Valley Bank's implosion.
NPR's David Gura reports that, despite those measures, many bank stocks plunged on Monday.
And former Congressman Barney Frank, a Democrat who sponsored new banking regulations in the wake of the 2008 financial crisis, explains what he thinks went wrong at the banks. Frank more recently also served on the board of Signature Bank.
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This episode was produced by Connor Donevan. It was edited by Christopher Intagliata, Rafael Nam, Sarah Handel and William Troop. Our executive producer is Sami Yenigun.
