US lawmakers met Fed, FDIC to discuss Silicon Valley Bank’s collapse – Coindesk

(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.

Maxine Waters, Democratic U.S. Representative from California, met with officials from both the Treasury Department (and regulators) hours after the SVB, a startup-focused bank, collapsed, according to the report.

The report comes shortly after SVB (formerly Silicon Valley Bank) collapsed Friday. This was the biggest bank failure since 2008. It roiled global markets and left billions of dollars owing to investors and companies.

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

On Friday, Janet Yellen, U.S. Treasury Secretary, met with regulators for SVB’s collapse. She and the White House expressed their confidence in their ability to deal with the crisis.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Mark Potter)