Washington, D.C. (Newsradiowrva.com) - Senator Mark Warner (D) has released a statement reacting to the Biden Administration's moves in the banking sector. The moves follow the failure of Silicon Valley Bank, the second largest bank failure in U.S. history. As part of the administration actions, deposits will be protected, even above the insured amount.
In his statement, Warner said, “After an unprecedented and reckless run on Silicon Valley Bank, there were very real risks of instability spreading to other institutions and undermining our national security and technology innovation ecosystem. The Federal Reserve, the FDIC and the Treasury Department have together acted as Congress intended when we wrote Dodd-Frank by acting swiftly and responsibly to protect depositors and make sure that our financial system remains stable, while at the same time making clear that bank shareholders and bondholders shouldn’t expect any kind of bailout by the taxpayers. Their quick action will help companies make payroll and preserve jobs all across the country.”
Warner is a member of the Senate Banking Committee.
