WASHINGTON — Rep. Ro Khanna, D-Calif., said the Federal Deposit Insurance Corp. is working to find a buyer for Silicon Valley Bank and urged the U.S. government to step in and guarantee all of the bank’s deposits.
Asked on CBS’ “Face the Nation” about the option of a private sector bank buying SVB’s assets, Khanna said: “That would be the ideal situation and our delegation that talked to the FDIC last night made that clear. That’s what we urged them to work on; they said they’re working on it.”
Khanna, who represents the California district where Silicon Valley Bank is based, called on regulators to lift the $250,000 federal cap on deposit insurance for SVB while finding a solution to the bank’s liquidity squeeze that sent it into FDIC receivership.
