Foreign Minister Dr Hasan Mahmud on Wednesday (January 17, 2024) said Bangladesh has agreed to deepen ties with the United States through expansion of trade and strengthening efforts to combat “militancy and fanaticism.” "We have expressed our commitment to work together," he told reporters after his separate meetings with US Ambassador Peter Haas and European Union Ambassador Charles Whiteley at his office at the Ministry of Foreign Affairs.  The Foreign Minister said the rise of fanaticism is a problem worldwide.  Responding to a question, he also said there has been exploration of oil offshore.  Bangladesh, China discuss promoting FTA negotiation and attracting investment The Foreign Minister said there are oil reserves as discovered by a US company. He said Bangladesh and the US have cooperation in the defence area and they have discussed the issue.  The Foreign Minister said he has discussed the Rohingya repatriation issue with both the ambassadors. He said Bangladesh wants Rohingyas to return to their homeland with full rights. EU to start negotiations on Partnership Cooperation Agreement very soon, says Charles Whiteley Hasan Mahmud said Bangladesh is now hosting around 15 lakh Rohingyas, and the number is growing . "It's a burden for us." Talking to reporters, US Ambassador Peter Haas said he looks forward to working closely with Bangladesh in the coming months on issues of mutual importance.  He mentioned climate change, expanding business opportunities, and other areas of cooperation to advance the relations.  "I look forward to working very closely in the coming months to advance our mutual interest," said Ambassador Haas. Referring to the meeting with the Foreign Minister, he said it was an opportunity to talk about the future of the US-Bangladesh relationship.  Lavrov to Hasan Mahmud: Russia-Bangladesh ties based on solid foundation of friendship Regarding his meeting with EU Ambassador Whiteley, the Foreign Minister said they discussed the Partnership Cooperation Agreement (PCA) so that both sides can reach a fruitful position through negotiations. 

The United States has said it is aware of Russian Foreign Ministry Spokeswoman Maria Zakharova's “deliberate mischaracterization” of US foreign policy and US Ambassador to Bangladesh Peter Haas’ meetings. “The United States does not support any political party in Bangladesh. Nor does the United States favor one political party over another,” a State Department spokesperson said on Saturday (November 25, 2023). The US State Department reiterated that they want what the Bangladeshi people want: free and fair elections conducted in a peaceful manner. USA will support Bangladesh after election: Momen To support that shared goal of free and fair elections conducted in a peaceful manner, the US embassy personnel engage and will continue to engage with the government, opposition, civil society, and other stakeholders to urge them to work together for the benefit of the Bangladeshi people, said the State Department spokesperson. Maria Zakharova, during a weekly briefing on November 22, said that Russia has spoken repeatedly about the attempts by the United States and its allies to influence the internal political process in Bangladesh, ostensibly under the banner of ensuring “transparency and inclusiveness” in the upcoming parliamentary election. Information has come to light regarding a meeting at the end of October between US Ambassador to Bangladesh Peter Haas and a high-ranking representative of the local opposition, according to the Russian side. They reportedly discussed plans to organize mass anti-government protests in the country during the meeting, the Russian side said. In particular, the American Ambassador “promised” the representative of the opposition information support in the event that the authorities use force against participants in “peaceful demonstrations.” These assurances were purportedly made on behalf of the embassies of the United States, Britain, Australia and several other countries, according to a Facebook post shared by the Russian Embassy in Dhaka. China's cooperation is vital in ending Russia-Ukraine war: French FM "How can these actions of the American Ambassador to Bangladesh be regarded? They can be seen as nothing less than gross interference in the internal affairs of a sovereign state on the part of Washington and its satellites, demonstrating open disregard for the norms and rules enshrined in the 1961 Vienna Convention on Diplomatic Relations," the Russian spokeswoman said. "On our part, we have no doubts regarding the ability of the Bangladeshi authorities to hold the parliamentary election scheduled for January 7, 2024, in full compliance with national legislation, independently, without the help of overseas well-wishers," said the Russian spokeswoman.

The United States has said it will continue to engage with the government, opposition, civil society, other stakeholders to urge them to work together for the benefit of Bangladeshis, to ensure “free and fair” elections conducted in a peaceful manner. “We do not take a position in favor of one party or the other. We want what the Bangladeshi people themselves want: free and fair elections which are conducted in a peaceful matter,” Spokesperson at the US Department of State Mathew Miller told reporters in a regular media briefing in Washington on November 20. Read: No political issues on agenda for foreign secretary's meeting with Indian counterpart: Momen The US State Department spokesperson again mentioned the attempt to draw him into Bangladesh’s internal issues, and reiterated that he is going to continue to refrain from doing so. “So I appreciate the urge – the repeated urge, I should say – to try and draw me into internal Bangladeshi matters, but I am going to continue to refrain from doing so and just state, as I said before, that our goal for the election in Bangladesh is what it has always been: free and fair elections conducted in a peaceful manner,” he added. Miller also said the US Secretary of State outlined how they engage with governments, workers, labor organizations, trade unions, civil society, and the private sector around the world to protect and promote respect for internationally recognized labor rights. Read: US to hold accountable those who threaten, intimidate, attack union leaders, labour rights defenders, labour orgs “We will continue to do that in Bangladesh and elsewhere in the world,” he said. “We condemn the recent violence against workers in Bangladesh protesting over the minimum wage, as well as the criminalization of legitimate worker and trade union activities,” Miller said. He said they are also “concerned” about the ongoing repression of workers and trade unions. “Our principle, as we have stated before, is that government must ensure that workers are able to exercise their rights to freedom of association and collective bargaining without fear of violence, reprisal, or intimidation,” Miller said. Read: It's up to Bangladeshis, their democratic system, says India about polls Through their work in Bangladesh and elsewhere in the world, the US State Department spokesperson said they are firmly committed to advancing those fundamental human rights.

Congressman Joe Wilson, the Co-Chair of Bangladesh Caucus at the US Congress, has praised Bangladesh’s impressive economic progress and said that the United States is looking forward to expanding trade ties and creating job opportunities for people of both the countries. Wilson, a congressman elected from South Carolina, was speaking as the chief guest at a reception hosted by Bangladesh Embassy in Washington DC on Thursday (July 20) evening to celebrate the long-standing partnership between Bangladesh and the US. Bangladesh Ambassador to the United States Muhammad Imran delivered the welcome address. US engages directly with Bangladeshi officials to discuss ‘shared priorities’: State Dept Elizabeth Horst, Principal Deputy Assistant Secretary, Bureau of South and Central Asia, State Department, and Brian Luti, Director for South Asia Regional Affairs, the National Security Council, the White House, spoke at the event as guests of honour. Former congressman Jim Moran also spoke on the occasion. While appreciating Bangladesh’s economic development, Congressman Wilson mentioned the country’s strides to move towards a trillion dollar economy, and achievements in reducing poverty. Bangladesh is an important country in South Asia and its people are hard working, Wilson said, and added that he introduced a resolution in the House of Representatives this week commending Bangladesh for hosting the Rohingyas. This type of political violence has no place in democratic elections: US State Dept on Hero Alam assault  In his welcome address, Bangladesh Ambassador Muhammad Imran welcomed the guests at the reception and extended sincere thanks to Congressman Joe Wilson for his encouraging remarks about Bangladesh-US relations and Bangladesh’s socioeconomic development. Turning to Bangladesh’s impressive socioeconomic transformation under the dynamic leadership of Prime Minister Sheikh Hasina, the ambassador said the government has been working towards economic growth by creating equal opportunities for all and ensuring an inclusive society. US Southwest swelters under dangerous heat wave, with new records on track Ambassador Imran expressed gratitude to the US for its continued support and the humanitarian assistance for the Rohingyas, temporarily sheltered in Bangladesh. Elizabeth Horst, in her remarks, said in the last five decades, Bangladesh and the US have built a robust and broad partnership and the partnership is anchored by shared vision for a prosperous, peaceful and democratic Bangladesh. Brian Luti, Director for South Asia Regional Affairs, the National Security Council, said the United States recognizes, respects and supports Bangladesh’s guiding principle: “Friendship to all and malice to none.” The US simultaneously respects Bangladesh's national security and sovereignty, as well as international laws and principles enunciated by the UN charter, he said. Alternate Executive Director of World Bank Dr. Ahmad Kaikaus, ambassadors of Malaysia, the Maldives, Sri Lanka and Sudan as well as diplomats of different countries, senior officials of the US government and State Department, academicians and members of the civil society joined the reception. On the occasion, traditional Bangladeshi handicrafts were displayed and Bangladeshi foods were served to the guests.  

While reiterating that any abuser of human rights should be held accountable, Principal Deputy Spokesperson at the US Department of State Vedant Patel has said, “Broadly, the U.S. supports the principle of free and fair elections in Bangladesh and around the world, but I’m not here to endorse one political candidate or party versus another.” He was speaking at a regular briefing in Washington. "It’s our immense hope that the Bangladesh Government does look into the contents of this article and video (DW documentary on RAB)," Patel said. He said as per their assessment, the Digital Security Act is "one of the world’s most draconian laws" for journalists. Read: US State Department ‘deeply concerned over use of Digital Security Act’ World Press Freedom Index ranked Bangladesh 162 out of 180 countries, a drop of 10 places from the previous year, Patel said. "And we have made our concerns about this law quite clear. A free press and an informed citizenry are key for any nation and its democratic future," he said. The US Embassy in Dhaka shared updates on the briefing today. Read: PM Hasina to visit Japan on April 25-28 Petal said they want to and are looking forward to deepening their relationship with Bangladesh. That’s why, he said, Secretary Blinken met Foreign Minister Dr AK Abdul Momen. "We, again, are looking forward to deepening our relationship with Bangladesh as a whole," he added. Read more; Pranay Verma highlights “deep bonds of friendship, cooperation” with Bangladesh

The United States has reiterated its desire to see a free and fair election in Bangladesh, noting that the world will be observing Bangladesh’s next national election. “Of course, we’re looking – the world is looking – to Bangladesh for its next election, to make sure that they set a strong example of free and fair election for the region and for the world,” US Secretary of State Antony J Blinken said during his meeting with Foreign Minister AK Abdul Momen in Washington on Monday afternoon (US time). Appreciating Bangladesh’s engagement with the USA, Blinken said they are committed to working together to find ways to further “strengthen and deepen” the robust relationship, and to address economic development and human rights as well. He said the US deeply appreciates Bangladesh’s remarkable generosity in hosting over 1.1 million Rohingyas in the country and assured to continue work towards repatriation of the Rohingyas. The Secretary of State highlighted the nearly $2.1 billion in US humanitarian assistance since 2017, which includes $23.8 million in new assistance to the World Food Programme to deliver urgent food and nutrition services to Rohingya refugees. He reiterated US’ commitment to promoting inclusive economic growth, free and fair elections, human and labor rights, and freedom of expression in Bangladesh. Additionally, Secretary Blinken expressed concerns about violence against and intimidation of the media and civil society, including under the Digital Security Act, said Principal Deputy Spokesperson Vedant Patel. He underscored that free and fair elections and respect for human rights in Bangladesh are critical as they seek to deepen our bilateral relationship. While briefing the media after the meeting, Momen said Bangladesh, like the US, also wants a free, fair and ideal election. “Democracy is in our blood. People gave blood to uphold democracy, justice and human dignity,” he said, seeking help from the US for a free and fair election. Momen highlighted the independent Election Commission and measures taken for holding the election transparently. The foreign minister agreed with his US counterpart on the importance of a free and fair elections and reaffirmed the commitment of Bangladesh government in this regard. He said Bangladesh welcomes US observers but not any “partisan observers”. “All opposition parties must come forward to help in holding a free and fair election. We are creating an environment for a free fair election.” Momen said he handed over a letter from Prime Minister Sheikh Hasina — addressed to US President Joe Biden — to Secretary Blinken. “We are proud of the partnership,” he said, adding that he is in Washington to strengthen and solidify the relationship. Momen said Bangladesh wants to improve its ties with the United States towards a stronger trade relationship in the next 50 years. “Bangladesh has a multifaceted, dynamic and wide ranging relationship with the US. Over the last 50 years we have done very well. We look forward to the next 50 years,” he said. “We achieved all with your support and active partnership and we are proud of your partnership and we look beyond, so that we can have better days in future. I am here to strengthen and solidify our relationship,” Momen added. Bangladesh raised the issue of Rashed Chowdhury, a convicted killer of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, who lives freely in the United States. Momen hoped that the US will not be a shelter for killers and will hand over Rashed to Bangladesh as it wants to establish the rule of law in the country. Blinken said the relationship between Bangladesh and the United States has grown tremendously over the last 50 years, particularly in the economic aspect. He also mentioned people-to-people ties and said the two countries have been doing more together recently — from climate change to health. Foreign Minister Momen called upon the United States to take advantage of the generous investment regime of Bangladesh and encourage the US private sector to invest in special economic zones and hi-tech parks in Bangladesh. Momen thanked the US government for their generous support in combating COVID-19 pandemic and continued humanitarian support for the Rohingyas sheltered in Bangladesh. He stressed the need for sustained international pressure on Myanmar for creating environment for voluntary repatriation of Rohingyas to Myanmar. Bangladesh and the United States have expressed their eagerness to further bolster bilateral ties for the next 50 years, building on the solid foundation of the past 50 years. Terming Bangladesh-US relationship wide-ranging, dynamic and multifaceted,  Momen hoped to develop, strengthen and solidify the ties. He thanked President Joe Biden for his warm message to Prime Minister Sheikh Hasina on the occasion of the Independence Day of Bangladesh, which the US President ended with “Joy Bangla”. During the meeting, the two leaders discussed various bilateral and other issues of mutual interest, including strengthening and diversifying economic partnership, addressing Rohingya crisis and climate change, labour rights, civil liberty, and elections. Apprising the US secretary of state of the ongoing and completed works in labour sector reforms in Bangladesh, the foreign minister hoped that these efforts would be duly acknowledged and appreciated through stronger economic partnership between the two countries.  Blinken lauded the ongoing US-Bangladesh consultative process in improving labour situation in Bangladesh. Bangladesh Ambassador to the USA Muhammad Imran, Deputy Head of Mission Ferdousi Shahriar, Director General (North America) Khandker Masudul Alam, and officials of the Bangladesh Embassy in Washington and the Ministry of Foreign Affairs were present at the meeting. Counselor Derek Chollet, Assistant Secretary of State for Population, Refugees and Migration Ms. Julieta Valls Noyes, Deputy Assistant Secretary of State for Democracy, Human Rights and Labor Ms. Kara McDonald, Deputy Assistant Secretary of State for South and Central Asia Afreen Akhter accompanied Secretary Blinken in the meeting.

Foreign Minister AK Abdul Momen on Wednesday (April 05, 2023) said the United States is Bangladesh’s biggest friend, one of the biggest investors and export destinations. Momen is set to leave for the US on April 7 where he is scheduled to meet US Secretary of State Anthony Blinken in Washington on April 10. “America is the only country who provided 100 million vaccines for free during the Covid-19 pandemic. They even supported us the most after the Rohingya influx. Other countries have helped us as well. But I’ll express gratitude when I meet him,” Momen said while addressing the media after a comic book unveiling in the capital. Read More: Countries are reluctant to share information about money launderers: Momen He said he would visit the US this time as the US Secretary of State has invited him. “Of course, we’re very lucky to get invited three times in a row,” he said. When asked what will be discussed in the meeting with the US Secretary of State, Momen said that the Rohingya issue and bilateral trade will come up. Replying to a question about the US concern regarding democracy in Bangladesh, the foreign minister said: “We fought for democracy. Three million people gave their lives to uphold democracy and human rights. Therefore, we don't need lessons on democracy,” he said. Read More: Sultana Jesmin’s death in RAB custody won’t impact Bangladesh-US relations: Momen “We want a fair election. America also wants a fair election. We don't disagree with that. We have already made necessary institutional arrangements to ensure a free and fair election,” the minister said. Momen said the US has agreed to scale up the resettlement process for vulnerable Rohingya refugees. “While many nations have scaled back their financial support for the Rohingya refugees, the US has not done so as of yet. We're also talking to them about a variety of issues. We’re also engaging them on a number of issues,” he said. Read More: Momen urges vigilance against anti-Bangladesh disinformation campaign

The Bangladesh Embassy in Washington DC on Sunday celebrated the 53rd Independence and National Day with a fresh vow to materialize the dreams of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the martyrs of the great Liberation War. To celebrate the day, the Embassy arranged elaborate programs that included hoisting of the National flag, placing a floral wreath at the bust of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, screening of a documentary and discussion session. The day’s programs began in the morning with ceremonially hoisting of the national flag by Bangladesh Ambassador to the United States Muhammad Imran on the Chancery premises. Officials and employees of the Mission were present on the occasion. Later, the Ambassador placed a floral wreath at the bust of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in the presence of the officials of the Embassy. The messages issued on the occasion by President Md. Abdul Hamid, Prime Minister Sheikh Hasina, Foreign Minister Dr AK Abdul Momen, and State Minister for Foreign Affairs Md Shahriar Alam were read out. Deputy Chief of Mission Ferdousi Shahriar, Minister (Consular) Mohammad Habibur Rahman, Counsellor (Public Diplomacy) Arifa Rahman Ruma and Counsellor and Head of Chancery Mohammad Moniruzzaman read out the messages. Later, a discussion session highlighting the significance of the Independence and National Day was held at the Bangabandhu Auditorium of the Embassy. Taking part in the discussion session, Ambassador Imran termed the great Independence and National Day as the most glorious and memorable day of Bangladesh and extended his heartfelt greetings to all Bangalees across the USA on the occasion. He also paid deep homage to Father of the Nation Bangabandhu Sheikh Mujibur Rahman and three million martyrs who sacrificed their life for the cause of independence. Ambassador Imran said in the wake of the Pakistani army’s barbaric attack on the unarmed Bangalees in Dhaka on the night of 25th March in 1971, Father of the Nation Bangabandhu Sheikh Mujibur Rahman formally declared the independence of Bangladesh at the first hour of 26th March. The nation, he said, soon launched the War of Liberation at the call of the Father of the Nation, and under his fearless leadership, Bangladesh achieved long-cherished independence on December 16 in 1971 after the nine-month bloody war against Pakistan. The Ambassador said Bangabandhu Sheikh Mujibur Rahman fought throughout his life for transforming Bangladesh into a developed and prosperous ‘Sonar Bangla’ (Golden Bengal). But Bangabandhu could not materialize his cherished dream as he was brutally assassinated by the anti-liberation elements on the black night of 15th August in 1975, Ambassador Imran continued. He called upon all to work unitedly to materialize the dreams of Bangabandhu and martyrs of the War of Liberation by turning Bangladesh into a hunger-and-poverty-free developed and prosperous country. Ambassador Imran also requested the expatriate Bangladeshis to project the country’s tremendous achievements and progress abroad that took place in the last 14 years under the leadership of Prime Minister Sheikh Hasina. Defense Attaché Brigadier General Md. Shahedul Islam also took part in the discussion and highlighted the significance of the Independence and National Day. He also discussed in detail the important contribution of the members of the Armed Forces to the War of Liberation in 1971. After the discussion, a special prayer was offered seeking eternal peace of the departed souls of the Father of the Nation and the martyrs of the Liberation War. First Secretary Md Ataur Rahman conducted the programs.

After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors. Waters, former chair of the House Financial Services Committee, had her doubts that another bank would step up as a savior and buy the defunct institution. “Banks don’t just wake up and say: ‘Oh, there’s a problem with another significant bank and they’ve collapsed. Let’s just take it over,”’ she said. So began a frenetic weekend of nonstop briefings with regulators, lawmakers, administration officials and President Joe Biden himself about how to handle the demise of the nation’s 16th-biggest bank and a go-to financial institution for tech entrepreneurs. At the core of the problem was tens of billions of dollars — including money companies needed to meet payrolls — sitting in Silicon Valley Bank accounts that were not protected by federal deposit insurance that only goes up to $250,000.Something needed to be done, federal officials agreed, before Asian stock markets opened Sunday evening and other banks faced the potential for waves of panicked withdrawals Monday morning. “We were racing against the clock,” said Bharat Ramamurti, deputy director of the National Economic Council. Waters was right to be skeptical about a sale being closed on the fly. The bank’s size — $210 billion in assets — and complexity made it difficult to quickly wrap up a deal. Federal Deposit Insurance Corp. officials told Republican senators Monday that they received offers for the bank over the weekend but didn’t have time to close; they said they could put Silicon Valley Bank up for auction again, according to a person familiar with the conversation who requested anonymity to discuss a private call. But another plan was coming together. On Sunday, Waters was on the phone with Federal Reserve Chair Jerome Powell, who briefed her on how it would work. The Fed was creating a new emergency program that allowed it to lend directly to banks so they could cover withdrawals without having to sell off assets to raise cash. The idea was to reassure depositors and prevent bank runs at other institutions. By Sunday night, the Treasury Department, the Fed and the FDIC said the federal government would protect all deposits — even those that exceeded the FDIC’s $250,000 limit. “It’s miraculous, really,” Waters said, calling it “an example of what working together and what government can do with the right people in charge.’’ The praise was not unanimous. In the call Monday with officials from the FDIC and the Treasury Department, Republican senators expressed concern that millionaire Silicon Valley depositors were being rescued — and the cost might be passed onto community banks in their home states in the form of higher assessments for federal deposit insurance, according to the person familiar with the discussion. The trouble started last Wednesday when Silicon Valley Bank said it needed to raise $2.25 billion to shore up its finances after suffering big losses on its bond portfolio, which had plunged in value as the Federal Reserve raised interest rates. On Thursday, depositors rushed to pull their money out. An old-fashioned bank run was underway.At a House Ways and Means committee hearing on Friday morning, Treasury Secretary Janet Yellen said her agency was “monitoring very carefully” developments related to the bank. “When banks experience financial losses, it is and should be a matter of concern,” she told lawmakers. Biden was briefed about the situation on Friday morning, according to a White House official who spoke on condition of anonymity to discuss private conversations. Then he celebrated an unexpectedly strong February jobs report, met with the leader of the European Union and jetted off to Wilmington, Delaware, to mark his grandson’s 17th birthday. His weekend would soon be consumed with phone and video calls focused on preventing a nationwide banking crisis. Regulators were so concerned, they didn’t even wait until the close of business on Friday — the usual practice — to shut the bank down; they closed the doors during working hours. It was the second-biggest bank failure in U.S. history and trickier than most: An astonishing 94% of Silicon Valley Bank’s deposits — including large cash holdings by tech startups — were uninsured by the FDIC. As administration officials and regulators worked through the weekend, Biden expressed concern about small businesses and their employees who relied on accounts that were now in jeopardy, the White House official said. There were also fears, the official said, that if Silicon Valley Bank depositors lost money, others would lose faith in the banking system and rush to withdraw money on Monday, causing a cascading crisis. Massachusetts Democratic Rep. Jake Auchincloss’ phone had started lighting up even before the weekend. Silicon Valley Bank had eight branches and offices in his home state, and word of its failure was traveling fast on social media.“The panic within Massachusetts industry and nonprofit sectors became acute within a matter of hours,” Auchincloss said. “My phone started just exploding.’’ Silicon Valley Bank wouldn’t be the only bank to collapse. By Sunday evening, federal officials announced that New York-based Signature Bank, a major lender to New York landlords, had also failed and was being seized. The government’s plan to cover deposits over $250,000 ended up applying to Signature’s customers as well. In a statement Sunday, Biden said, “The American people and American businesses can have confidence that their bank deposits will be there when they need them.″ On Monday, Powell announced that the Fed would review its supervision of Silicon Valley Bank to understand what went wrong. The review will be conducted by Michael Barr, the Fed vice chair who oversees bank oversight, and be released May 1. Now Biden and lawmakers are calling for legislative changes to tighten financial rules on regional banks, perhaps restoring parts of the Dodd-Frank law that tightened bank regulation after the 2008-2009 financial crisis but were rolled back five years ago. Waters said it might be time to raise deposit insurance thresholds. “We can’t just say this is an emergency and forget about it,″ she said.

After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors. Waters, former chair of the House Financial Services Committee, had her doubts that another bank would step up as a savior and buy the defunct institution. “Banks don’t just wake up and say: ‘Oh, there’s a problem with another significant bank and they’ve collapsed. Let’s just take it over,’’’ she said. So began a frenetic weekend of nonstop briefings with regulators, lawmakers, administration officials and President Joe Biden himself about how to handle the demise of the nation's 16th-biggest bank and a go-to financial institution for tech entrepreneurs. At the core of the problem was tens of billions of dollars — including money companies needed to meet payrolls — sitting in Silicon Valley Bank accounts that were not protected by federal deposit insurance that only goes up to $250,000. Also Read: To avert a banking crisis, HSBC to take over UK arm of failed Silicon Valley Bank Something needed to be done, federal officials agreed, before Asian stock markets opened Sunday evening and other banks faced the potential for waves of panicked withdrawals Monday morning. “We were racing against the clock,” said Bharat Ramamurti, deputy director of the National Economic Council. Waters was right to be skeptical about a sale being closed on the fly. The bank’s size — $210 billion in assets — and complexity made it difficult to quickly wrap up a deal. Federal Deposit Insurance Corp. officials told Republican senators Monday that they received offers for the bank over the weekend but didn’t have time to close; they said they could put Silicon Valley Bank up for auction again, according to a person familiar with the conversation who requested anonymity to discuss a private call. Also Read: Asian shares mostly sink on jitters after US bank failure But another plan was coming together. On Sunday, Waters was on the phone with Federal Reserve Chair Jerome Powell, who briefed her on how it would work. The Fed was creating a new emergency program that allowed it to lend directly to banks so they could cover withdrawals without having to sell off assets to raise cash. The idea was to reassure depositors and prevent bank runs at other institutions. By Sunday night, the Treasury Department, the Fed and the FDIC said the federal government would protect all deposits — even those that exceeded the FDIC’s $250,000 limit. “It’s miraculous, really,’’ Waters said, calling it "an example of what working together and what government can do with the right people in charge.’’ The praise was not unanimous. In the call Monday with officials from the FDIC and the Treasury Department, Republican senators expressed concern that millionaire Silicon Valley depositors were being rescued — and the cost might be passed onto community banks in their home states in the form of higher assessments for federal deposit insurance, according to the person familiar with the discussion. The trouble started last Wednesday when Silicon Valley Bank said it needed to raise $2.25 billion to shore up its finances after suffering big losses on its bond portfolio, which had plunged in value as the Federal Reserve raised interest rates. On Thursday, depositors rushed to pull their money out. An old-fashioned bank run was underway. At a House Ways and Means committee hearing on Friday morning, Treasury Secretary Janet Yellen said her agency was “monitoring very carefully” developments related to the bank. “When banks experience financial losses, it is and should be a matter of concern,” she told lawmakers. Biden was briefed about the situation on Friday morning, according to a White House official who spoke on condition of anonymity to discuss private conversations. Then he celebrated an unexpectedly strong February jobs report, met with the leader of the European Union and jetted off to Wilmington, Delaware, to mark his grandson’s 17th birthday. His weekend would soon be consumed with phone and video calls focused on preventing a nationwide banking crisis. Regulators were so concerned, they didn't even wait until the close of business on Friday — the usual practice — to shut the bank down; they closed the doors during working hours. It was the second-biggest bank failure in U.S. history and trickier than most: An astonishing 94% of Silicon Valley Bank's deposits — including large cash holdings by tech startups — were uninsured by the FDIC. As administration officials and regulators worked through the weekend, Biden expressed concern about small businesses and their employees who relied on accounts that were now in jeopardy, the White House official said. There were also fears, the official said, that if Silicon Valley Bank depositors lost money, others would lose faith in the banking system and rush to withdraw money on Monday, causing a cascading crisis. Massachusetts Democratic Rep. Jake Auchincloss’ phone had started lighting up even before the weekend. Silicon Valley Bank had eight branches and offices in his home state, and word of its failure was traveling fast on social media. “The panic within Massachusetts industry and nonprofit sectors became acute within a matter of hours,’’ Auchincloss said. “My phone started just exploding.’’ Silicon Valley Bank wouldn't be the only bank to collapse. By Sunday evening, federal officials announced that New York-based Signature Bank, a major lender to New York landlords, had also failed and was being seized. The government's plan to cover deposits over $250,000 ended up applying to Signature's customers as well. In a statement Sunday, Biden said, "The American people and American businesses can have confidence that their bank deposits will be there when they need them.'' On Monday, Powell announced that the Fed would review its supervision of Silicon Valley Bank to understand what went wrong. The review will be conducted by Michael Barr, the Fed vice chair who oversees bank oversight, and be released May 1. Now Biden and lawmakers are calling for legislative changes to tighten financial rules on regional banks, perhaps restoring parts of the Dodd-Frank law that tightened bank regulation after the 2008-2009 financial crisis but were rolled back five years ago. Waters said it might be time to raise deposit insurance thresholds. "We can't just say this is an emergency and forget about it,'' she said.