Assemblymember Grayson Reacts to Federal Announcement that Silicon Valley Bank Accountholders Will Be Able to Access Uninsured Funds

(SACRAMENTO, CA) – Today, the Biden Administration announced new measures that will ensure that all depositors of Silicon Valley Bank will be fully protected, and that no losses will be borne by the taxpayer.

In response to this announcement, Chair of the Assembly Banking and Finance Committee, Timothy Grayson (D-Concord) released the following statement:

“Today’s announcement provides reassurance that the process is working to ensure that stability is reestablished for businesses and depositors. Our financial system remains strong. I applaud the quick, diligent work of federal regulators and the Biden Administration.

In the coming days and weeks, I will be conducting a thorough review of what led to Silicon Valley Bank’s collapse and what steps we can take to protect against a similar situation happening in the future. However, it is clear that California and its businesses and people are best served when strong protections and regulations are in place.”

The joint statement issued by the Treasury, Federal Reserve, and Federal Deposit Insurance Corporation can be found here.