Congresswoman Beatty’s Statement on Regulatory Actions Taken to Protect U.S. Banking System

WASHINGTON, D.C. – Today, U.S. Congresswoman Joyce Beatty (OH-03), Ranking Member of the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, released the following statement on actions taken by the Federal Reserve, U.S. Treasury, and the Federal Deposit Insurance Corporation (FDIC) regarding Silicon Valley Bank (SVB) and Signature Bank.

On Sunday, Beatty joined her colleagues in sending a letter to regulators demanding swift action to protect depositors and deter runs on small, medium, and regional banks nationwide. That letter can be found here.

“I am working closely with my colleagues on the House Financial Services Committee and financial regulators to monitor developments and ensure stability and resiliency throughout the banking system following the collapse of Silicon Valley Bank and Signature Bank. 

“Although I am deeply concerned about the largest bank failures we have experienced since 2008, I appreciate the prompt and decisive action taken by financial regulators to protect depositors and safeguard our financial system. 

“These measures taken by the Treasury, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System will ensure that all depositors, insured and uninsured, have access to the entirety of their funds starting today, and will create more liquidity to limit the effect on other banks and credit unions. In light of the bold, coordinated action taken by the Administration, I remain confident in our financial institutions.”

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