Lawmakers Seek Answers from Fed, FDIC on Silicon Valley Bank Collapse

cryptonews.com:

Lawmakers in the US held a meeting with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the swift and stunning collapse of Silicon Valley Bank (SVB).

Democratic US Representative Maxine Waters reportedly discussed with officials from the two federal bank regulators, as well as the Treasury Department, hours after SVB collapsed. Lawmakers from both the Democratic Party and the Republican Party were present at the meetings. 

"I am alarmed by the failure of Silicon Valley Bank, which marks the second largest bank failure in U.S. history," Waters reportedly said in a statement, adding that she is closely monitoring and convening Committee members with regulators to understand the latest around the closure of Silicon Valley Bank (SVB). She added:

"I appreciate the DFPI and the FDIC for taking decisive action today, and I remain confident in America’s financial markets and the ability of our regulators to protect consumers and investors."

Silicon Valley Bank, one of the most popular lenders to Silicon Valley tech and growth startups, failed on March 10, falling into the hands of the Federal Deposit Insurance Corporation (FDIC). On Friday, the federal agency took control of the bank and created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB.

Several other lawmakers have also said they were also following the situation. In a Friday tweet, Representative Ro Khanna said he reached out to both the White House and the Treasury Department to discuss the situation with the bank.

Furthermore, US Treasury Secretary Janet Yellen met with banking regulators, including the FDIC, on Friday to discuss the collapse of SVB. In a statement, she said that the banking