OPINION: Don't let Silicon Valley Bank's financial catastrophe spill over to these crucial banks
Fox News senior congressional correspondent Chad Pergram reports from Capitol Hill, where the Senate is holding its first hearing on banking failures.
Some commentators and policymakers have responded to these hurdles facing community banks. Entrepreneur and "Shark Tank" investor Kevin O'Leary said recently, "The truth is, we don't need regional banks." Investor Bob Doll echoed this sentiment on Fox News, pointing out how America has far more banks than Japan or Canada, where banks are little more than government-regulated utilities. also seems unconcerned. During her testimony before the U.S. Senate last week, Sen.
Sen. Langford also asked Yellen whether community banks would be bailed out if they ran into similar troubles as SVB and Signature. Yellen responded that they would not. Only banks that pose a "systemic risk" would get this treatment. In other words, large financial institutions with elite relationships in Washington benefit from this backstop at the expense of community banks. This shortsighted perspective ignores small banks' big role in the U.S. economy.
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