U.S. Rep. Panetta’s Statement on Federal Action to Protect Customers Following the Failure of Silicon Valley Bank

Monterey, CA – U.S. Representative Jimmy Panetta (CA-19) released a statement regarding the Biden Administration's actions to protect customers following the failure of Silicon Valley Bank:

"I welcome today's announcement guaranteeing that customer deposits at Silicon Valley Bank will be protected at no cost to the taxpayer. This is important to innovators, small businesses, and most importantly, workers, who were threatened by the bank's failure and potential loss of deposits and paychecks. These actions by the Treasury, Federal Reserve, and FDIC, are absolutely necessary to protect not the bank, but the bank's customers, who were put at risk through no fault of their own. In the days ahead, we must fully determine what caused this crisis, and what must be done to better protect customers deposits in the future."

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