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An official statement released by Secretary of the Treasury on SVB Situation

Vasu Gupta • December 25, 2023
An official statement released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg says that they are taking decisive actions to safeguard deposits and provide credit access to households and businesses to promote strong and sustainable economic growth.

In recommendation with the hashtag#FDIC, the Federal Reserve hashtag#Fed boards and the President, Secretary hashtag#Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank hashtag#SVB, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. The taxpayer will bear no losses associated with the resolution of Silicon Valley Bank.

They also announced a similar systemic risk exception for Signature Bank hashtag#SB, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole.  Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it would make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. 

FDIC: PR-17-2023
By Vasu Gupta December 25, 2023
COP28 marks the conclusion of the first-ever global stocktake, sounding a reminder that we are falling short of the Paris Agreement's 1.5°C target. As governments convened, decisions taken here fuelled ambitious climate plans to secure a sustainable future. SRGA Global consistently and actively participated in COP events. This engagement reflects our unwavering commitment to addressing climate change and sustainable development issues that affect India and UAE, and their ongoing journey towards balancing economic growth with climate commitments under the Paris Agreement. Road from B20 India to COP28, UAE Under the theme R.A.I.S.E - Responsible, Accelerated, Innovative, Sustainable, and Equitable businesses, B20 India offered empowering recommendations for business leaders to adopt responsible, expedited, innovative, sustainable, and equitable practices. There is an agreement across forums on tripling renewable energy capacity globally by 2030, driving accelerated energy transitions, strengthening bilateral and multilateral partnerships between stakeholders towards enhancing business-led climate action and unlocking increased climate finance through leveraging of private capital through various means. Effective cooperation among governments, businesses, and international stakeholders is necessary to tackle the pressing challenges of our time. Additionally, the B20 India 2023 Action Council on ESG in Business Policies highlighted the necessity of a standardised ESG framework and advocated for a resilience and disaster management framework to mitigate climate impacts, especially in the Global South. Key Highlights from India Perspective: COP28 should prioritize workforce capacity building, focusing on knowledge development and gender inclusivity. Ensure MSMEs have a dedicated voice at COP28 to address their unique challenges in transitioning to a low-carbon economy. The inclusion of MSMEs can strengthen COP28's goal to triple Renewable Energy (RE) usage and double energy efficiency (EE) by 2030. Leveraging COP28 as a platform to foster interactions with the corporate sector and to present their unique perspectives on various initiatives such as the Global GDA, the Industrial Transition Accelerator (ITA) and the Charter for Oil and Gas Decarbonization (COGD). Discussions on Articles 6.2 and 6.4 should provide clarity to all stakeholders, fostering increased climate finance flows and technology access in developing countries. There is an immediate need for well-defined standards and protocols that take into consideration inclusion, equity and parity. This is needed to bring about a well-oiled voluntary carbon market mechanism that will collectively work towards sustainable goals. Considering the evolving landscape we are operating in, it is imperative that we define and improvise on the go. At COP28 UAE, SRGA Global stands at the forefront of environmental stewardship and corporate responsibility. Our growing domain knowledge in ESG standards and frameworks positions us uniquely to guide companies through comprehensive ESG Audits and Advisory. Partner with us for insights and strategies that align with the latest in sustainable development and responsible business practices.
By Vasu Gupta December 25, 2023
As we illuminate our office with the vibrant lights of Diwali 2023, we're not just sparking diyas, but igniting the spirit of camaraderie and joy. This year is particularly momentous as we mark three decades of unwavering service, trust, and collaboration. As our teams come together in celebration, dancing to the rhythm of success and unity, we're reminded that SRGA Global is more than just a consulting firm; it's a family that thrives on mutual respect and shared goals. Here's to 30 years of SRGA Global - where tradition meets ambition, and celebrations are just as important as innovations. 🫱🏻‍🫲🏽
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