Joint statement from US Treasury Dept, the Federal Reserve and the FDIC. 
Reaction: mastodon.social/@mmasnick/1100…
On Monday, “I will deliver remarks on how we will maintain a resilient banking system to protect our historic economic recovery,” says President Biden in a statement. whitehouse.gov/briefing-room/…
“There were very real risks of instability spreading to other institutions and undermining our national security and technology innovation ecosystem,” says Senator Mark Warner in a statement.
“Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council in executive session by videoconference.”
“We’ve known since 2008 that stronger regulations are needed to prevent exactly this type of crisis. Congress must come together to reverse the deregulation policies that were put in place under Trump to avert future instability,” says Rep. Ro Khanna, who represents (1/2)
#SiliconValley. (2/2)
House Financial Services Committee Chairman Patrick McHenry has issued a statement about the actions taken by the Federal Reserve, Treasury Department, and FDIC regarding #SVB.
“This was the first Twitter fueled bank run.”
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