The collapse of Silicon Valley Bank is the largest of a financial institution since the failure of Washington Mutual in 2008.
"The American banking system is really safe and well-capitalized. It's resilient," she said."In the aftermath of the 2008 financial crisis, new controls were put in place, better capital and liquidity supervision, and it was tested during the early days of the pandemic and proved its resilience. So Americans can have confidence in the safety and soundness of our banking system.
"We want to make sure that the troubles that exist at one bank don't create contagion to others that are sound," she said."The goal always of supervision and regulation is to make sure that contagion can't occur." As of the end of 2022, Silicon Valley Bank had roughly $209 billion in total assets and about $174.5 billion in total deposits, according to the agency.
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