Biden Administration Investigates Collapse of Silicon Valley Bank, Vows to Hold Responsible Parties Accountable

The Biden administration is taking a closer look at the collapse of Silicon Valley Bank, a go-to financial institution for tech entrepreneurs. The White House is exploring additional ways to ensure accountability for those who were responsible for the bank’s failure.

The collapse of the nation’s 16th-biggest bank left tens of billions of dollars, including money companies needed to meet payrolls, sitting in Silicon Valley Bank accounts that were not protected by the Federal Deposit Insurance Corporation.

The White House is looking into bonuses some bank employees received last week and stock sales made by senior executives in recent years. A White House official said, “All of those are worthy of a deeper look.”

In his address Monday announcing the government’s plan to protect depositors, President Joe Biden made it clear that he didn’t want those who caused the bank’s failure to profit.

The White House is continuing to work with regulators, lawmakers, and administration officials to ensure that those responsible for the collapse of Silicon Valley Bank are held accountable. The official said, “Stay tuned on that front.”