WASHINGTON, D.C. – Tom Quaadman, Executive Vice President of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness released the following statement today regarding the recent liquidity crisis at Silicon Valley Bank.
“We applaud the swift action by banking regulators to resolve the liquidity crisis at Silicon Valley Bank. The bank’s depositors, including a high concentration of businesses in the technology sector and startup ecosystem, need certainty that they will be able to access their cash. This will allow businesses to make payroll, pay their rent, and still keep an eye towards growth. We urge the administration to facilitate a quick acquisition, guaranteeing all bank depositors have access to their cash.”