Katie Porter said Silicon Valley Bank should have expected interest rates to come back up. 'You can't bet on them staying low forever,' she said, suggesting the bank crash raises 'real oversight questions.'
“‘There are real questions about why the bank didn’t anticipate one of the most fundamental financial facts that everybody should know, which is interest rates go up and they go down. You can’t bet on them staying low forever.”’”
Porter recapped SVB’s rise and fall with host Capehart, noting the commercial bank, which had largely served the tech industry, grew rapidly in late 2020 by taking “lots and lots and lots of deposits — millions of dollars,” and then turning around and investing that money in federal treasury bonds. Read more: Silicon Valley Bank branches closed by regulator in biggest bank failure since Washington Mutual
Meanwhile, Treasury Secretary Janet Yellen said Sunday that she’s been working with banking regulators “all weekend” to stem the damage, as it’s believed more than 90% of the bank’s despite are uninsured.
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