Updated Mar 12, 2023 - Economy

McCarthy says White House "has the tools" to handle SVB crisis

Dan Primack

Speaker of the House Kevin McCarthy, R-Calif., conducts a signing ceremony in the U.S. Capitol for a resolution that invalidates the District of Columbia's Revised Criminal Code Act of 2022, on March 10, 2023. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

House Speaker Kevin McCarthy (R-Calif.) on Sunday morning said that the Biden administration "has the tools" to handle the crisis at Silicon Valley Bank.

Why it matters: America is on the sudden brink of a banking crisis, with the White House racing the clock to rescue depositors.

What they're saying: McCarthy told Fox News Sunday that he has spoken with Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell, adding: "They do have the tools to handle the current situation. They do know the seriousness of this, and they are working to come forward with some announcement before the markets open."

"I'm hopeful that something can be announced today to move forward," McCarthy added. "This bank is a unique bank, where they do have assets, they have an amazing clientele, it’s something that could be very possible to someone to purchase this bank, I think that’d be the best outcome to move forward and cool the markets."

Go deeper: Axios coverage of Silicon Valley Bank

Editor's note: This story has been corrected to show House Speaker Kevin McCarthy's correct party affiliation, R-Calif., not D-Calif.

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McCarthy says White House "has the tools" to handle SVB crisis

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