March 15, 2023

WASHINGTON (AP) — After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors.

Waters, former chair of the House Financial Services Committee, had her doubts that another bank would step up as a savior and buy the defunct institution.

“Banks don’t just wake up and say: ‘Oh, there’s a problem with another significant bank and they’ve collapsed. Let’s just take it over,”’ she said.

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https://apnews.com/article/silicon-valley-bank-failure-deposits-fdic-8011ea377d8f9941032790ce1d704c5a?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_03