Representative Jimmy Panetta (CA-19) released the following statement regarding the closure of Silicon Valley Bank by the California Department of Financial Protection and Innovation (DFPI), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver:
“I am extremely concerned by the sudden failure of Silicon Valley Bank and its impact on the technology entrepreneurs, innovators, and most importantly, workers, in my community. I am hopeful that a sale can be arranged to keep all depositors whole, but in the meantime the FDIC must ensure that it provides clear updates to customers, both insured and uninsured, and do whatever it can to protect uninsured depositors from losses that could impact workers. Additionally, we must determine what caused the failure of Silicon Valley Bank, and how we can prevent future collapses.”
Following redistricting and 2022 elections, Panetta no longer represents San Benito County, which is in District 18 represented by Zoe Lofgren.