U.S. government to take 'material' action to avert fallout from SVB collapse -sources

The U.S. government is expected to make a "material" announcement on Sunday to shore up deposits in Silicon Valley Bank, which collapsed on Friday, and prevent wider fallout, sources familiar with matter said.

Biden administration officials worked through the weekend to assess the fallout of the dramatic bank failure, the biggest since the financial crisis of 2008, with a particular eye on the venture capital sector and regional banks, the sources said early on Sunday.