SVB's collapse last Friday has sparked banking crisis fears across the United States, while federal regulators have said the Federal Deposit Insurance Corporation is stepping in to make sure depositors"have access to all their money." Eight senators and House members received almost $45,000 in campaign donations from SVB's political action committee between 2012 and 2022, according to Federal Election Commission records reviewed by the Washington Examiner.
"Shareholders and certain unsecured debt holders will not be protected," the Treasury Department, the Federal Reserve, and the FDIC said in a statement on Sunday."Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law."
In 2016, SVB's then-CEO Greg Becker hosted a campaign fundraiser for Warner in Menlo, California, according to a flyer. Warner notably supported a 2017 bill loosening bank regulations that was signed by former President Donald Trump and mirrored a 2015 measure that trade groups representing SVB lobbied in connection to, the Washington Examiner reported.
Source: News Formal (newsformal.com)
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