After Silicon Valley Bank disclosed large losses from securities sales and saw its stock plunge, the bank exposed to high-tech venture capital was closed by the California Department of Financial Protection and Innovation.
Washington is watching the closure of Silicon Valley Bank but sees the current troubles as unique to the institution, a leading expert on bank regulation said Friday.
On Friday, Treasury Secretary Janet Yellen voiced concern for “a few banks” when asked about Silicon Valley. “The banking system is very safe. They’ve done stress tests on the capital, on the liquidity. New regulations put in place since the global financial crisis makes the system much much safer,” Kohn said, in an interview on CNBC.
Ian Katz, managing director at Capital Alpha Partners, said regulators have confidence in the banking system overall, particularly the largest banks. Seiberg said that the banking system is getting its first test with the unwinding of the deposit surge after taxpayers received federal government stimulus checks during the COVID crisis.
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