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US lawmakers met Fed, FDIC to discuss Silicon Valley Bank's collapse - Coindesk

Published Mar 11, 2023 02:33AM ET Updated Mar 11, 2023 02:45AM ET
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© Reuters. A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino
 
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(Reuters) - U.S. lawmakers met with the Federal Reserve and Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group, Coindesk reported on Saturday citing a source.

Democratic U.S. Representative Maxine Waters (NYSE:WAT) held briefings with officials from the two regulators and the Treasury Department, hours after the startup-focused SVB's collapse, the report said.

The report comes after SVB, which did business as Silicon Valley Bank, collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors.

Separately, Representative Ro Khanna said in a tweet on Friday that he reached out to both the White House and the Treasury Department to discuss the situation with the bank.

U.S. Treasury Secretary Janet Yellen on Friday met with banking regulators on the collapse of SVB, as she and the White House expressed confidence in their abilities to respond to the bank failure.

US lawmakers met Fed, FDIC to discuss Silicon Valley Bank's collapse - Coindesk
 

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Comments (9)
Teena Marie
Teena Marie Mar 11, 2023 1:34PM ET
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They should investigate the bank run.
Maria Kenny
Maria Kenny Mar 11, 2023 1:34PM ET
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EZ to dump KRE that try to figure out which banks are in trouble. Some good banks were great prices Friday for long investors.
Teena Marie
Teena Marie Mar 11, 2023 1:34PM ET
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Maria Kenny Hi Maria. Any in particular you recommend? I'm partial to BAC and ETFs. I have to say though, I'm really stunned at how badly news reporting has left out pertinent details.
Teena Marie
Teena Marie Mar 11, 2023 1:34PM ET
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Maria Kenny C/o Market Watch - contracting margins list - CUBI FRC SASR NYCB FFWM ALLY DCOM PPBI PB CLBK
Maria Kenny
Maria Kenny Mar 11, 2023 1:34PM ET
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some banks will have to sell stocks to cover their reserves. it was EZ to just dump KRE because we don't know the level of stress at regional banks until earnings. Some jewels fell from heaven and are a good deal for long investors.
Ricardo Diogo
Rcd72 Mar 11, 2023 10:29AM ET
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now us tax payer and us debt will hold the bags from cripto Ponzi frenzy...
Gary Piccone
Gary Piccone Mar 11, 2023 6:50AM ET
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Powell did say rate hikes were going to be painful
jason xx
jason xx Mar 11, 2023 5:27AM ET
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Thats the end of rate hikes and QT
Sien Huat Hii
Sien Huat Hii Mar 11, 2023 4:55AM ET
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with all the money's that spend on wars can easily solve this problem..
jason xx
jason xx Mar 11, 2023 4:55AM ET
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Freedom is not free
rob mann
rob mann Mar 11, 2023 4:50AM ET
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we need to wash out ALL bad players period...
Benjamin USA
Benjamin USA Mar 11, 2023 4:50AM ET
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Bank was fine until their collateral dropped so far so fast due to extreme pace of tightening.
Mar 11, 2023 4:50AM ET
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thought yellen was still in kviv cutting cheques
YC Teng
YC Teng Mar 11, 2023 4:44AM ET
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Part of de-leveraging process. Treasury acted real fast to contain this 👍
William Bailey
William Bailey Mar 11, 2023 4:29AM ET
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Just the start …. No bail out
 
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