US lawmakers discuss SVB collapse with Fed

Report comes after SVB collapsed in largest bank failure since 2008 financial crisis

BENGALURU:

United States (US) lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of Silicon Valley Bank (SVB) Financial Group, Coindesk reported on Saturday citing a source.

Democratic US Representative Maxine Waters held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB’s collapse, the report said.

The report comes after SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

Separately, Representative Ro Khanna said in a tweet on Friday that he reached out to both the White House and the Treasury Department to discuss the situation with the bank. US Treasury Secretary Janet Yellen on Friday met with banking regulators on the collapse of SVB, as she and the White House expressed confidence in their abilities to respond to the bank failure.

Published in The Express Tribune, March 12^th, 2023.

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