SVB was actually shut down by state banking regulators, not the FDIC or Fed itself (Yellen is the Fed). The state of California then listed the FDIC as the rec

SVB was actually shut down by state banking regulators, not the FDIC or Fed itself (Yellen is the Fed). The state of California then listed the FDIC as the receiver of the bank's assets. So I believe this was purely the work of the banking regulators and not the Fed. FDIC called the Fed for help to reduce the contagion, and the Fed agreed. It's possible the Fed didn't have to agree... https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley-faq.html#:~:text=On%20Friday%2C%20March%2010%2C%202023,FDIC)%20was%20then%20appointed%20Receiver https://www.fdic.gov/resources/resolutions/bank-failures/fai....