Governor Newsom Issues Statement on Biden Administration’s Action on Silicon Valley Bank

SACRAMENTO — Governor Gavin Newsom today issued the following statement in response to the Biden Administration’s announcement enabling the Federal Deposit Insurance Corporation to complete its resolution of Silicon Valley Bank in a manner that fully protects all depositors.

“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system. Their actions this weekend have calmed nerves, and had profoundly positive impacts on California — on our small businesses that can now make payroll, workers who will get their paychecks, on affordable housing projects that can continue construction, and on non-profits that can keep their doors open tomorrow. California is a pillar of the American economy, and federal leaders did the right thing, ensuring our innovation economy can continue to grow and move forward.”