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Janet Yellen Admits FDIC Backstopping of SVB Could Protect Foreign Depositors
| Claim: | Janet Yellen Admits FDIC Backstopping of SVB Could Protect Foreign Depositors |
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| Rating: |
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| Finding: | Uninsured investors will be made whole in that Bank. And I suppose that could include foreign depositors, but I don't believe there is any legal basis... |
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On March 16, 2023, Treasury Secretary Janet Yellen admitted that the backstopping and insurance of the deposit withdrawals at SVB and Signature Bank could benefit foreign depositors including China and the Chinese Communist Party. When asked about this, she said:
Uninsured investors will be made whole in that Bank. And I suppose that could include foreign depositors, but I don’t believe there is any legal basis to discriminate among uninsured.
Here is the snippet: pic.twitter.com/85iBeXC0Wn
— Seidler (@SeidlerCorp) March 17, 2023
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