NATIONAL (WEHT) – U.S. Representative Larry Bucshon released a statement after attending a bipartisan briefing regarding the failure of Silicon Valley Bank. 

Rep. Bucshon said, “This evening, I received a bipartisan briefing regarding the Silicon Valley Bank failure and will continue to monitor the situation as it unfolds. My top priority is ensuring that hardworking businesses on Main Street are protected. Based on the actions of the Fed, there is no reason to believe the financial system or local and state based banks are at risk.”

According to the Department of the Treasury, Federal Reserve and FDIC, after receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors.

The Associated Press reported that the bank’s collapse was the second-largest bank failure in history. The Associated Press also reported that regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday.