In the News
"There should be a clawback of any of that money," the California Democrat told the Washington Post. "It should be going to the depositors."
Indian-American Congressman Ro Khanna has urged Congress to come together to reverse the deregulation policies put in place under the previous Trump administration to avert future instability like the one seen after the collapse of the Silicon Valley Bank.
Rep. Ro Khanna (D-Calif.) said that any stock sold by Silicon Valley Bank executives should be "clawed back" and given to depositors of the bank after it collapsed last week.
Federal filings show that Silicon Valley Bank CEO Gregory Becker sold over $3.5 million in stock in the bank roughly two weeks before the firm was taken over by federal regulators amid a bank run that saw depositors scrambling to get their money out.
MARGARET BRENNAN: We're joined now by Congressman Ro Khanna. He is a Democrat who represents the California District where Silicon Valley Bank was once headquartered. Good to have you here. I wonder what you make of the Treasury Secretary's remarks, I know you've been in contact with the White House with Treasury and with FDIC.
California Democrat Rep. Ro Khanna said Sunday that progressives should be the "most concerned" with Silicon Valley Bank's (SVB's) collapse if the Biden administration fails to take action in the next several days.
Washington — Democratic Rep. Ro Khanna of California on Sunday urged the Biden administration to take "decisive action" in response to the rapid collapse of Silicon Valley Bank and ensure depositors will be protected and have access to their accounts Monday morning.
The list of companies and banks potentially affected by Friday's collapse of Silicon Valley Bank is growing. But at least one person seems to have cashed in recently: chief executive Greg Becker, whose trust sold $3.6 million worth of shares on Feb. 27, according to SEC filings.
Becker is now coming under scrutiny, including from a personal acquaintance, Democratic California Rep. Ro Khanna, who said Sunday that Becker should give that money back.
Reps. Ro Khanna (D-Calif.) and Chris Deluzio (D-Pa.) on Tuesday introduced a bill that seeks to tighten safety measures for trains carrying hazardous materials and to ensure they are properly classified.
Democratic Reps. Ro Khanna of California and Chris Deluzio of Pennsylvania introduced legislation Tuesday that would require the U.S. Transportation Department to impose more strict regulations on trains carrying hazardous materials, an effort to prevent disasters like the toxic derailment in East Palestine, Ohio from happening in the future.