The White House is stressing that Silicon Valley Bank isn't getting a government bailout after regulators seized the assets of the failed bank. Press Secretary Karine Jean-Pierre said taxpayers aren't on the hook to cover the bank.
She said the money for depositors will come from the fees banks pay into the Deposit Insurance Fund, emphasizing this isn't what happened in the 2008 financial crisis.
Meantime, it has become a personal story for some many people across the country. But also in Rhode Island.
Officials say there were about 2 and a half million dollars in pension funds invested in SVB and Signature Banks.
The state has seen that investment diminish by about 90 percent.
President Biden said investors of SVB won't be protected and the management of the bank will be fired.
(Photo by NOAH BERGER/AFP via Getty Images)