Rep. Ro Khanna (D-CA) is calling for the CEO of Silicon Valley Bank to return the millions of dollars worth in stock sale gains he reaped before the company's collapse.
SVB, which was the 16th-largest federally insured bank in the United States, was shut down by the state of California on Friday after failing to raise over $2.2 billion in capital. Now, amid the Federal Deposit Insurance Corporation making plans to bail out customers through emergency measures, SVB's CEO Greg Becker should hand back shares valued at $3.6 billion that his trust sold on Feb. 27, Khanna said.
"All customers who had deposits at these banks can rest assured, rest assured they'll be protected and they'll have access to their money as of today," President Joe Biden said on Monday."That includes small businesses across the country that bank there and need to make payroll, pay their bills, and stay open for business."
However, Biden didn't address whether he expects SVB's collapse to cause a"ripple effect," in the sense that other banks could possibly fail. U.S. banks were sitting on $620 billion in unrealized potential losses at the conclusion of 2022, according to the FDIC.
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