(Bloomberg) -- More banks will likely fail despite US authorities intervening to boost the confidence in the banking system following the collapse of Silicon Valley Bank, according to Pershing Square founder Bill Ackman.

He also applauded the government for providing “a clear roadmap” for how it will manage bank failures in the future, Ackman said in a tweet Sunday evening. 

The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. raced on Sunday to stem jitters about the health of the nation’s financial system, pledging to fully protect all depositors’ money following the collapse of Silicon Valley Bank while also giving any banks squeezed for cash easier terms on short-term loans.

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