Utah state and business leaders, including Gov. Spencer Cox and Sens. Mike Lee and Mitt Romney, participated in a virtual town hall meeting organized by tech sector advocacy and education group Silicon Slopes.
Silicon Valley Bank was a major financial conduit between the technology sector, its founders and startups, as well as its workers. Signature Bank was likewise hyper-focused on the cryptocurrency sector. The failures of Silicon Valley Bank and Signature Bank stand as the second and third largest bank failures in U.S. history.
Cox said he worked over the weekend with Utah House Speaker Brad Wilson, Senate President Stuart Adams, Utah congressional members and stakeholders from state banks and the tech community to assemble a plan to provide a conduit to financial support for Utah companies impacted by the bank closures. "The role of social media is something that the regulatory system, the Federal Reserve and other regulators have not really taken into account around the dynamic when a bank is under pressure," Quarles said. "It's clear that the panic being spread on Twitter was a significant contributor here.
On Monday, Christensen said he was glad his company is based in a state where leaders "really understand business and has senators and national players that get this."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
Read more »
Utah’s Zions Bank shares plummet in wake of Silicon Valley Bank collapseShares in Utah-based Zions Bancorp plunged Monday as effects of the collapse of two other large banks rippled through the U.S. financial system. Zions' CEO, though, said the institution’s financial position “remains strong.”
Read more »
Bank regulators seize Silicon Valley Bank in largest bank failure since the Great RecessionThe bank failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money creating a run on the bank.
Read more »
What the Silicon Valley Bank failure means for Utah startups, according to a VC partnerFriday’s collapse of Silicon Valley Bank — the 16th-largest bank in the nation — has left tech companies scrambling for answers ahead of business on Monday, including many Utah-based startups.
Read more »
Utah leaders react to Silicon Valley Bank falloutWATCH LIVE: Prominent Utah leaders, including Gov. Spencer Cox and Senator Mitt Romney, are participating NOW in a town hall to discuss the fallout of Silicon Valley Bank.
Read more »
Utah leaders portray calm, stability after fall of Silicon Valley BankIn a town hall meeting, Utah political and business leaders set out to portray a sense of calm and stability after last week's Silicon Valley Bank collapse that rocked numerous industries.
Read more »