STATEMENT: KHANNA RESPONDS TO TREASURY ANNOUNCEMENT ON SILICON VALLEY BANK

Washington, DC – Today, Rep. Ro Khanna (D-CA), the representative from Silicon Valley and Congressional Progressive Caucus Deputy Whip, issued the following statement on Silicon Valley Bank, located in his district:

"On Friday, when news broke of the Silicon Valley Bank collapse, I spoke with over 600 of my constituents including non-profit leaders, small business owners, start-up founders, and impacted employees of small businesses. In these conversations, I emphasized the need for decisive action to protect depositors and workers.

Then on Saturday, I heard from Sunnyvale Community Services, a nonprofit in my district supporting people experiencing homelessness and hunger. After years of never missing a payment, they were on the verge of paying off the mortgage for a larger facility to serve their clients. Yesterday, they worried they might lose their deposits and therefore their ability to pay their mortgage. They and the other organizations and workers who did nothing wrong deserve to be protected.

This morning, we had no answers. All we had were vague statements about helping depositors and acting in a timely manner from the Department of Treasury. I went on Face the Nation and outlined the case for paying all depositors in full and ensuring they have access to their accounts by Monday morning. I explained that it should not and would not need to cost taxpayers a dime.

I am glad that the Department of Treasury listened and moved to protect workers, the innovation pipeline, and the economy at large. But the work doesn't end here. We've known since 2008 that stronger regulations are needed to prevent exactly this type of crisis. Congress must come together to reverse the deregulation policies that were put in place under Trump to avert future instability."

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About the Office

Congressman Khanna represents the 17th District of California, which covers communities in Silicon Valley. Visit his website at khanna.house.gov. Follow him on Facebook, Instagram and Twitter @RepRoKhanna.