Thompson Releases Statement on Actions to Protect Silicon Valley Bank Depositors

Today, Rep. Mike Thompson (CA-04) released the following statement after the United States Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) announced actions to protect Silicon Valley Bank depositors.

"The actions announced by Treasury, Federal Reserve, and FDIC that will fully protect all depositors of Silicon Valley Bank and Signature Bank in New York is welcome news. SVB depositors will have access to their funds beginning tomorrow, and no losses associated with the closure of these banks will be borne by taxpayers," said Thompson. "The banking system remains resilient, and the Federal Reserve announced it will make additional funding available to help ensure banks have the ability to meet the needs of their depositors. I will continue to monitor the situation and remain in contact with the proper authorities to follow through on these actions."

Congressman Thompson participated in meetings throughout the weekend with officials from the Treasury Department and the FDIC to remain updated on the situation and to discuss possible solutions.