[Congressional Record Volume 169, Number 47 (Tuesday, March 14, 2023)]
[Senate]
[Page S755]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                          Silicon Valley Bank

  Mr. President, now, over the weekend, as we all know, the U.S. 
banking system faced a significant threat after the collapse of Silicon 
Valley Bank. If the damage had spread across our financial system, the 
deposits and savings of tens of millions of families and small 
businesses could have been at serious risk.
  Today, as we speak, thankfully, our banking system is stable thanks 
to the work of the Biden administration, the Federal Reserve, and the 
FDIC on Sunday. I thank the President, the Federal Reserve, and the 
FDIC for taking swift action to preserve confidence in the banking 
system, and the American people can rest assured that bank regulators 
have acted quickly and are doing everything they can to protect 
consumers.
  In the days and weeks to come, Congress will look closely at what 
caused the run on Silicon Valley Bank and how we can prevent similar 
events in the future.