Sen. Kelly Statement on Silicon Valley Bank and the U.S. Banking System
Today, Arizona Senator Mark Kelly released the following statement on the federal government’s actions to protect bank depositors:
“I’ve been closely monitoring the situation with Silicon Valley Bank and what it means for Arizona businesses and our banking system. While this bank served a lot of tech companies, many of those companies have employees and contractors in Arizona, and I’ve been concerned about the impact this bank failure would have on them.
“Yesterday, I was briefed by federal officials on a number of important, necessary actions they have taken to protect the deposits of families and businesses, without using taxpayer money.
“While the federal government has the tools it needs to address the current situation, I’m continuing to monitor it closely to ensure that Arizonans’ and Americans’ hard-earned deposits are protected. Ultimately, Congress may need to take a close look at how to prevent this from occurring again while maintaining confidence in our banking system.”