Representative Josh Gottheimer asked the treasury secretary to 'take immediate steps using all necessary regulatory tools.'
Yellen on Sunday to act immediately in order to prevent a run on the country's banking system amid the collapse of Silicon Valley Bank .startup businesses
On Friday, however, the once trusted bank of venture capital investors was shut down by regulators as customers began a run on their deposits. This is credited due to rising interest rates that devalued the bank's security, putting it on the verge of collapse. In a letter written by Gottheimer on Sunday, the Democratic congressman asked Yellen to"take immediate steps using all necessary regulatory tools." Gottheimer suggested that the Federal Deposit Insurance Corporation prioritize finding a buyer for SVB to"provide a seamless transition for the bank's depositors and borrowers with the hope of making the depositors whole.
"Right now, we are concerned about the depositors at SVB, and at banks across the country, suddenly unnerved by SVB's catastrophic failure that unfolded in just forty-eight hours, accelerated, in part, by social media and pack mentality withdrawals," he added., a California Democrat who represents the district including Silicon Valley, is also pushing the Biden administration for"more clarity" amid the bank's collapse.
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