U.S. authorities preparing ‘material action’ to curb SVB contagion

United States authorities are working on “material action” over the weekend in an attempt to limit the ripple effect across the country’s banking system after the Silicon Valley Bank abruptly collapsed on March 10.

According to a Reuters report citing unnamed sources, officials in the Joe Biden administration assessed the impact of the bank failure over the weekend with a keen attention to venture capital firms and regional banks.

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