US lawmakers met on Friday with the Federal Reserve and the Federal Deposit Insurance Corporation to discuss the collapse of Silicon Valley Bank (SVB).
Several lawmakers, including Waters, expressed concern after SVB collapsed earlier Friday.
“I am troubled by the failure of Silicon Valley Bank, which marks the second largest bank failure in US history,” he said in a statement. “I have been closely monitoring committee members with regulators to ensure members and I understand the latest information regarding the closing of Silicon Valley Bank (SVB) by the California Department of Financial Protection and Innovation (DFPI) and the Federal Deposit Insurance Corporation (FDIC). ) was appointed receiver. For taking decisive action today. I applaud DFPI and the FDIC, and I have confidence in America’s financial markets and the ability of our regulators to protect consumers and investors.”
Several California lawmakers also tweeted that they were following the situation. A major concern is whether depositors will receive any portion of their funds beyond the FDIC’s $250,000 limit per account.
“We need to ensure that all deposits that exceed the FDIC $250k limit are honored. Banking is about trust. If depositors lose confidence in the safety of deposits over $250k, we’re in trouble,” he said.
Treasury Secretary Janet Yellen also met with banking regulators from the Fed, the FDIC and the Office of the Comptroller of the Currency, according to a statement from the department.
“Secretary Yellen expressed full confidence that banking regulators will take appropriate steps in response, and noted that the banking system is resilient and that regulators have effective tools to address this type of event,” the statement said.