 After the failure of Silvergate Bank, Silicon Valley Bank, and Signature Bank, the Federal Reserve Banks announced the following actions at 6.15 p.m. Sunday night, March 12, 2023. The creation of a new bank-term funding program, BTFP, offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. treasuries, mortgage-backed securities, and other qualifying assets as collateral. The Department of the Treasury will make available up to $25 billion as a backstop for the BTFP. The FDIC to complete its resolutions of Silicon Valley Bank and Signature Bank in a manner that fully protect all depositors, both insured and uninsured. Because of the quick actions from the Fed, the U.S. Treasury, and the FDIC, there has not been any more bank failure since after March 12, and the stock market started to rebound on Monday, March 13.