Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor applauding the swift actions taken by the Biden Administration, the Federal Reserve, and the FDIC to preserve confidence in the banking system. Below are Senator Schumer’s remarks, which can also be viewed here:
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.