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Posted by12 hours ago

PROOF: https://twitter.com/politico/status/1635980729489260545

Just a little more than 72 hours after Silicon Valley Bank suddenly collapsed, rocking the tech industry and igniting fears that the U.S. was on the verge of a financial meltdown, an exhausted group of Biden officials gathered last weekend to put the finishing touches on a hastily composed plan to stave off a nationwide banking crisis.

The sweeping results prevented multimillion-dollar losses for thousands of companies that relied on SVB. But the fallout from the largest bank failure since the 2008 financial crisis is still reverberating. As regulators race to find a buyer willing to take on the bank’s domestic lending portfolio, some major companies are left scrambling to secure new lines of credit. Lobbyists are drawing battle lines as progressives in Congress push for tighter regulations. And Washington is still racing to calm investor fears of instability at other financial institutions.

We’re continuing to report on the fallout. Ask us anything.

More about us:

Victoria Guida is a POLITICO economics reporter covering the Federal Reserve, the Treasury Department and the broader economy. She has spent her Washington career writing about bank regulations, monetary policy and trade negotiations.

Sam Sutton is a POLITICO financial services reporter covering fintech and digital currencies. He’s one of the authors of our Morning Money daily newsletter on finance politics and policy. You can read his recent articles here.

Steven Kelly is an expert on bank regulations, systemic issues, and the like (and one of Victoria and Sam’s favorite Twitter follows). He’s a senior research associate focused on financial crisis management and financial stability at the Yale Program on Financial Stability. You can subscribe to his newsletter Without Warning, here.

EDIT: That's all the time we have for today. Our reporters had to get back to their work, but you can follow some of their latest SVB coverage at politico.com/finance . Thanks for joining and for all of your thoughtful questions!

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I Am A, where the mundane becomes fascinating and the outrageous suddenly seems normal.
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