Democratic Rep. Ro Khanna of California on Sunday urged the Biden administration to take 'decisive action' in response to the rapid collapse of Silicon Valley Bank, and ensure depositors will be protected and have access to their accounts Monday morning.
Democratic Rep. Ro Khanna of California on Sunday urged the Biden administration to take"decisive action" in response to theof Silicon Valley Bank and ensure depositors will be protected and have access to their accounts Monday morning.
that she has been working with bank regulators to"design appropriate policies" to address the situation, though she declined to detail what those actions may entail.a federal bailout for Silicon Valley Bank's investors, and said the Biden administration is working to meet the needs of its depositors.
Khanna said many of Silicon Valley Bank's depositors are climate and health care start-ups, companies in the wine industry and defense firms that help the U.S. remain competitive with China. "To have that happen, you need FDIC and Treasury involved, because these assets are not liquid, and they may pay off 10 years from now," he said."I don't think you're gonna get a private seller without the Treasury Department and FDIC being actively engaged in helping liquidity with these treasury bonds."
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