#shorts On 3/10/2023, Biden’s top econ couldn’t answer the question. Q: other banks may fail as well?
Reporter: Just wondering if we can get your reaction to the failure of Silicon Valley Bank and whether you’re concerned that other banks may fail as well.

Chair Rouse: So — sure. So, the most important thing that I will say here is that our Secretary of the Treasury, Secretary Yellen, is closely tracking the developments with S- — the Silicon Valley Bank.

Reporter: And one more on that same topic. You know, the government obviously insures up to $250,000. But this bank served a lot of tech companies that obviously had a lot more money in — stored with them. So, how concerned are you that we could see a ripple effect just throughout this specific sector?

Chair Rouse: So, two things. One, I’ll refer you to the FDIC for how they plan — intend to handle — we know they’re insured up to 250- — and how they’ll handle those with balances above that. And the second, I just want to re-emphasize that we are in a fundamentally different position that — you know, with the reforms of the global financial crisis of 2007, 2008, we’ve put in place stress tests and other tools that our regulators have to provide more resilience to our banking system. So, you know, Secretary Yellen is watching this closely.

other clips of this published longer video is here: https://youtu.be/pDRLMRBlgFc
Q: other banks may fail as well?