Moving Cash Is Faster Than Ever. It Makes Bank Runs Hard To Stop.
Moving Cash Is Faster Than Ever. It Makes Bank Runs Hard To Stop.
This illustration picture shows the Silicon Valley Bank (SVB) logo displayed on a smartphone in Arlington, Virginia, on March 10, 2023. OLIVIER DOULIERY/AFP via Getty Images hide caption
This illustration picture shows the Silicon Valley Bank (SVB) logo displayed on a smartphone in Arlington, Virginia, on March 10, 2023.
OLIVIER DOULIERY/AFP via Getty ImagesTop monetary officials including Federal Reserve chair Jerome Powell and Treasury Secretary Janet Yellen say things have stabilized in the two weeks since panicked depositors rapidly withdrew their money from Silicon Valley Bank and Signature Bank, causing both to fail. But on top of revisiting recently-relaxed banking regulations, policy makers are pondering how to handle the risk of bank runs in the age of smartphone banking.
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