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“The Treasury Department and FDIC must communicate loudly and clearly that depositors will be protected,” he wrote. “The investors and executives of SBV should bear risk and lose. But this should not mean that workers go without paychecks on Monday or small businesses collapse.”
Most of Silicon Valley Bank’s deposits were not insured by the FDIC because they were over the $250,000 limit for federally backed deposits.
The bank’s depositors had included many Silicon Valley startups and health care businesses that are now scrambling to meet payroll demands after the bank’s failure.
The briefing comes as California lawmakers also brace for flooding in their state after heavy storms. The extreme weather could help alleviate drought conditions but could also bring heavy property damage in certain areas.
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( With inputs from : www.politico.com )
