US readies 'material action' to cut losses from SVB collapse

US readies 'material action' to cut losses from SVB collapse

FILE PHOTO: U.S. President Joe Biden delivers remarks during a signing event for the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, U.S., August 9, 2022. REUTERS/Evelyn Hockstein/File Photo

U.S. authorities were preparing “material action” on Sunday to shore up deposits in Silicon Valley Bank and stem any broader fallout from its collapse, sources familiar with the matter told Reuters.

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