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WASHINGTON – President Joe Biden knew earlier this month that he needed to project command and confidence as he prepared to deal with a brewing banking crisis that would rattle financial markets.

He had learned that lesson the hard way a decade and a half ago, during the nation's worst financial crisis since the Great Depression.

We speak with Democratic Congressmember Ro Khanna about the collapse of Silicon Valley Bank and Signature Bank, regulating the banking sector, and how Federal Reserve interest rate hikes contributed to the banking crisis. Silicon Valley Bank was based in Khanna's district in California, and he has criticized fellow Democrats who supported a 2018 bill that weakened oversight for some banks.

WASHINGTON — Lawmakers are looking for ways to resolve a major concern that threatens to keep the banking industry in turmoil: The federal government insures bank deposits only up to $250,000.

Some members of Congress are looking for ways to boost that cap, at least temporarily, in order to stop depositors from pulling their money out of smaller institutions that have been at center of recent bank runs.

Congressman Ro Khanna led efforts to ensure depositors of Silicon Valley Bank could withdraw their funds following the largest collapse of a U.S. financial institution since the 2008 mortgage meltdown.

"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.