Republican 2024 presidential contender Vivek Ramaswamy believes that more regulation of the financial industry in the wake of the Silicon Valley Bank would encourage crony capitalism.
and able to access their money. They also announced steps that are intended to protect the bank’s customers and prevent additional bank runs.
FILE: A worker tells people that the Silicon Valley Bank headquarters is closed on March 10, 2023, in Santa Clara, California. Under the plan, depositors at Silicon Valley Bank and Signature Bank – including those whose holdings exceed the $250,000 insurance limit – will be able to access their money on Monday. Depositors at U.S. banks are typically insured up to $250,000 of deposits guaranteed by the FDIC. "I think it’s disappointing to see crony capitalism win again in America. We have a $250,000 limit. If you want to change the limit and change the rules, then change the rules.
file: U.S. outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee meeting in Washington, U.S. December 13, 2017. U.S. Treasury Secretary Janet Yellen blamed rising interest rates – which the Federal Reserve has increased to combat inflation – as the core problem for Silicon Valley Bank. Many of its assets, such as bonds or mortgage-backed securities, lost market value as rates climbed. In an interview with CBS’ "Face the Nation" on Sunday, Yellen insisted that Washington was not coming to the rescue of Silicon Valley Bank.
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