March 12, 2023

Scott Statement on Government Response to Failures of Silicon Valley Bank and Signature Bank

Washington, D.C. – U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the U.S. Department of the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced emergency actions in response to the failures of Silicon Valley Bank (CA) and Signature Bank (NY):

“I strongly believe it is important we bring our markets to a calm and orderly resolution. Our financial services sector must stay strong and measured to serve the needs of the American people. Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks. I remain committed to bringing accountability and answers to the American people, both from the banks and our regulators. We deserve to know what exactly happened and why.”