CHARLESTON, W.Va. (WBOY) — U.S. Senator Joe Manchin (D-WV) released a statement Sunday regarding the collapse of Silicon Valley Bank.
“America’s banks and our financial system are overall strong and sound, and in fact are stronger and sounder now than any time since the 2007-2008 financial crisis. I urge the American people to allow the protections already in place to insure individual deposits and the well-being of local and regional banks, particularly in rural communities like we have in West Virginia, to be fully realized before reacting out of fear and amplifying the problem.”
Silicon Valley Bank (SVB), the nation’s 16th-largest bank, failed Friday after depositors began to withdraw too much money too quickly due to worries about the health of the bank and its position in the struggling tech sector, with AP calling it “the second biggest bank failure in U.S. history after the collapse of Washington Mutual in 2008.”