“Have faith in financial regulators,” says White House on Silicon Valley Bank

Speaking on the Silicon Valley Bank (SVB) Failure, Cecilia Rouse, who chairs the Council of Economic Adviser on Friday said, “We have every faith in our regulators.”

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The statement from Rouse came while she addressed a press conference at the White House. She said, “Secretary of the Treasury, Secretary Yellen, is closely tracking developments at the Silicon Valley Bank (SVB), and conversing with regulators, including the Federal Reserve and the Office of the Comptroller on the SVB Crisis.”

Moreover, she stressed that the current banking system is fundamentally strong following the global financial crisis of 2008.