Navigating Banking and Economic Challenges in Biden's First Year.

The Biden administration has guaranteed that all depositors at failed banks Silicon Valley Bank and Signature Bank will have their funds available to them immediately, extending beyond the FDIC fund insurance that promises depositors' funds up to $250,000 will be covered. The Deposit Insurance Fund (DIF) exists to repay insured depositors when a financial institution fails, and by the end of Q4 2022, the DIF had $128 billion in its coffers, which is "fully sufficient" to cover SVB and Signature Bank customers, according to a senior Treasury Department official.