Source: United States Senator for Delaware Christopher Coons
WILMINGTON, Del. – U.S. Senator Chris Coons (D-Del.) issued the following statement on Silicon Valley Bank:
“I commend the Biden administration’s swift actions to address challenges posed by the closure of Silicon Valley Bank and Signature Bank and to shore up our banking system as a whole. After being briefed by officials from the U.S. Treasury Department, Federal Deposit Insurance Corp., and Federal Reserve over the weekend, I am significantly reassured about the path forward. Their solution ensures depositors have ready access to their funds and taxpayers will not have to shoulder the financial burden. The administration’s actions should give all Delawareans confidence that their federally insured deposits are safe and that our banking system is resilient. I will continue working with my colleagues to explore what additional steps, if any, we may need to take to further strengthen our financial system.”