© Reuters. A sign for the Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. REUTERS/Nathan Frandino
(Reuters) – U.S. lawmakers met with the Federal Reserve and the Federal Deposit Insurance Corporation on Friday to discuss the collapse of SVB Financial Group, Coindesk reported on Saturday, citing a source.
Democratic US Rep. Maxine Waters (NYSE:) held briefings with officials from the two regulators and the Treasury Department hours after the collapse of SVB, which focuses on startups, according to the report.
The report comes after SVB, doing business as Silicon Valley Bank, collapsed on Friday in the biggest bank failure since the 2008 financial crisis, rocking global markets and stranding billions of dollars belonging to businesses and investors.
Separately, Rep. Ro Khanna said in a tweet on Friday that he has contacted the White House and the Treasury Department to discuss the situation with the bank.
US Treasury Secretary Janet Yellen met with banking regulators on Friday about the collapse of SVB, as she and the White House expressed confidence in their ability to respond to the bank’s failure.
