DOJ and SEC Launch Investigations , Into SVB Collapse.<br />Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.<br />Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.<br />NBC News reports that on March 14, <br />the U.S. Justice Department opened an investigation into the bank's demise.<br />According to two sources with knowledge of the matter, part of the DOJ's probe will seek to determine whether bank executives unloaded any stock ahead of the collapse.<br />The Securities and Exchange Commission (SEC) has launched a separate investigation. .<br />According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.<br />According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.<br />NBC News reports that on March 12, the FDIC, Federal Reserve and Treasury Department said SVB deposits would be backed in excess of the federally-insured cap of $250,000.<br />The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.<br />The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.<br />President Biden attempted to <br />reassure the public that America's <br />banking system is safe on March 13.<br />Thanks to the quick action of my administration over the past few days, Americans can have confidence that <br />the banking system is safe. , President Joe Biden, via statement.<br />Your deposits will be there <br />when you need them, President Joe Biden, via statement
