Sens. Mike Lee and Mitt Romney praised the Biden administration’s decision to ensure deposits held at Silicon Valley Bank would be accessible.
Sens. Mike Lee and Mitt Romney praised the Biden administration’s decision to ensure deposits held at the bank would be accessible.| March 13, 2023, 6:13 p.m.Before the U.S. government announced Sunday that it would ensure all Silicon Valley Bank clients had access to their money, Utah was preparing to help local companies with assets tied up in Silicon Valley Bank if the federal government didn’t, Gov. Spencer Cox said at a town hall Monday.
Many technology startups, like those in Utah’s Silicon Slopes, banked with Silicon Valley Bank because it offered leverage sprouting companies couldn’t access elsewhere. The bank was hyper-focused on that sector, which in part led to the second-largest bank failure in U.S. history. The commissioner of the Utah Department of Financial Institutions, which is responsible for regulating the state’s financial institutions, said that while the state will “rally around our banks,” it will also “put policies and procedures in place to look at these risks.”
Among the bank holding companies that have been seen as at-risk by analysts in recent days is Zions Bancorporation, the parent company of Zion’s Bank. ItsThe company’s CEO, Scott Anderson, tried to boost confidence in the bank during the Monday town hall, saying that although it has grown rapidly in recent years, that expansion hasn’t been as aggressive as the growth at Silicon Valley Bank and Signature Bank, which closed Sunday.
“With social media out there, you can you can start a run on something and do something which is irrational, but real,” Romney said, comparing the bank run that led to Silicon Valley’s failure to the toilet paper shortage during the early days of the COVID-19 pandemic. “And I believe that the Fed took the right steps, and the FDIC did, the administration did.”
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Lire la suite »
Utah’s Zions Bank shares plummet in wake of Silicon Valley Bank collapseShares in Utah-based Zions Bancorp plunged Monday as effects of the collapse of two other large banks rippled through the U.S. financial system. Zions' CEO, though, said the institution’s financial position “remains strong.”
Lire la suite »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Lire la suite »
What the Silicon Valley Bank failure means for Utah startups, according to a VC partnerFriday’s collapse of Silicon Valley Bank — the 16th-largest bank in the nation — has left tech companies scrambling for answers ahead of business on Monday, including many Utah-based startups.
Lire la suite »
Utah leaders react to Silicon Valley Bank falloutWATCH LIVE: Prominent Utah leaders, including Gov. Spencer Cox and Senator Mitt Romney, are participating NOW in a town hall to discuss the fallout of Silicon Valley Bank.
Lire la suite »
Utah leaders portray calm, stability after fall of Silicon Valley BankIn a town hall meeting, Utah political and business leaders set out to portray a sense of calm and stability after last week's Silicon Valley Bank collapse that rocked numerous industries.
Lire la suite »