U.S. SENATOR KATIE BRITT RELEASES STATEMENT ON FAILURES OF SILICON VALLEY BANK AND SIGNATURE BANK

WASHINGTON, D.C., March 13, 2023 — U.S. Senator Katie Britt (R-Ala.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, today released a statement reacting to the federal government’s response to the recent failures of Silicon Valley Bank and Signature Bank.

“My office and I have been in contact with federal financial regulators since Friday, and we continue to closely monitor the situation,” said Senator Katie Britt. “The public deserves full transparency and accountability without regard to partisanship, and it is unacceptable that this Administration excluded Senate Republicans, including those on the Senate Banking Committee, from Sunday night’s bicameral Member briefing. Right now, we have more questions than answers. Why did regulators not see this coming? Did Silicon Valley’s focus on ESG distract from their fiduciary responsibilities, in turn contributing to its collapse? How much extra money will local community banks in rural Alabama have to fork up to fund the Administration’s plans? Unfortunately, we did not get any clarity on these pressing items on today’s Member briefing call, which the Federal Reserve did not make time to attend. Ultimately, American taxpayers should not have to foot the bill for bank executives’ mismanagement and regulators’ failure. I will continue to support the strength of our financial system, which is crucial to hardworking families, small businesses, retirees, and communities in every corner of our nation.”

Senator Britt is a member of the Senate Banking subcommittee on Financial Institutions and Consumer Protection.

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