Washington, D.C. – Congressman Kevin Mullin (CA-15) released the following statement on the announcement by the Treasury, Federal Reserve and FDIC on the rescue of SVB depositors:

“I am relieved and pleased that federal regulators worked proactively to ensure continuity and confidence in our banking system. The Treasury, Federal Reserve, and the FDIC took decisive actions to make the depositors of Silicon Valley Bank whole and to protect our economy by strengthening public confidence in the banking system and in the critical reforms enacted after the great recession.  

I am grateful that the agencies were responsive to the grave concerns voiced by the California Congressional Delegation during multiple briefings this weekend. We will continue to monitor developments to ensure the promises are met and that small and medium-sized businesses are able to access their full funds on Monday and meet their payroll obligations.

“While the SVB failure has been very unsettling for my constituents, I am optimistic that these proactive and positive developments will reassure depositors that the federal government can and will protect them. And I remain hopeful that a private buyer will emerge as a longer-term solution to continued operations of this bank in light of the importance of the Bay Area’s innovation economy to the overall economic vitality of the U.S.”

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