U.S. Rep. Ritchie Torres Issues Statement on Action Taken to Protect the American Economy, Strengthen Public Confidence in Banking System

WASHINGTON, D.C. – U.S. Representative Ritchie Torres (NY-15), member of the House Committee on Financial Services, tonight issued the following statement regarding the decisive measures taken by the U.S. Department of the Treasury, Federal Reserve, and the FDIC to ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth:

“Earlier tonight, the U.S. Department of Treasury, the Federal Reserve, and the FDIC announced a series of decisive steps they’ve taken to ensure that depositors at Silicon Valley Bank in California and Signature Bank in New York will be protected and made whole, and that no losses associated with either financial institution will be borne by taxpayers.

Public confidence in the U.S. banking system, the beating heart of the American economy, must never be shaken. As such, and as a member of the U.S. House Committee on Financial Services, I believe Treasury Secretary Janet Yellen, Fed Chair Jerome Powell, and FDIC Chairman Martin Gruenberg have acted wisely and swiftly to safeguard the resiliency and solvency of the U.S. banking system, which I continue to believe remains on a solid foundation.”

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