Sen. Mark Warner (D-VA) argued that the best remedy for the Silicon Valley Bank collapse would be an acquisition.
Stopping short of ruling out support for a bailout, Warner underscored the importance of SVB depositors receiving their money back and emphasized the speed with which SVB's collapse came about."The best outcome will be – can they find a buyer for this SVB bank today, before the markets open in Asia later in the day. That would be the best," Warner told ABC's This Week host Martha Raddatz.
SVB was the 16th largest federally insured bank and the largest to plunge into turmoil since Washington Mutual crashed during the 2008 financial crisis. Warner, who sits on the Senate Committee on Banking, Housing, and Urban Affairs, noted the timeline of its demise. During the Trump administration, Warner was one of 17 Democrats who backed a mid-sized bank rollback in Dodd-Frank, a comprehensive banking regulation package passed in the aftermath of the 2008 financial crisis. Warner helped author the original Dodd-Frank bill.Federal Deposit Insurance Corporation policy dictates that bank deposits are insured up to $250,000, but the vast majority of SVB's deposits were worth over $250,000.
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