The Biden administration’s Sunday decision to guarantee the deposits of all clients from failed banking giant Silicon Valley Bank (SVB) will make whole more than 1,500 climate-related firms, many of which are now poised to receive significant subsidies from President Joe Biden’s Inflation Reduction Act (IRA), according to The New York Times.
SVB — which collapsed Friday in a bank run — was heavily focused in venture capital and worked with more than 1,550 climate technology firms, many of which were preparing take advantage of the hundreds of billions in subsidies and tax credits offered by the IRA, according to the NYT. While the Federal Deposit Insurance Corporation (FDIC) would typically only make whole those clients with balances of up to $250,000, the FDIC instead opted to guarantee the funds of all of SVB’s clients, citing the “systemic risk” the failure presented, the government corporation announced Sunday, in the process making whole the many startups that were scrounging for cash over the weekend.
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