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Rep. Khanna says progressives should be the most concerned amid SVB collapse if Biden admin 'doesn’t step up'
Economic expert Robert Wolf reassures consumers that SVB collapse is ‘nothing like Lehman’
Former Obama economic adviser and former CEO of UBS Robert Wolf breaks down the historic collapse of Silicon Valley Bank and the economic fallout that has followed on ‘Fox & Friends Weekend.’
California Democrat Rep. Ro Khanna said Sunday that progressives should be the "most concerned" with Silicon Valley Bank's (SVB's) collapse if the Biden administration fails to take action in the next several days.
"I think it's just that right now things move at the speed of Twitter and the government doesn't move at that speed. And I think they don't realize what the problem could be and how fast money is moving," Khanna said on CBS' "Face The Nation."
"Progressives should be the most concerned about this. And you don't want the banking sector to be JPMorgan, Citibank, Bank of America, and Wells Fargo," Khanna continued. "That's what's going to happen if the government doesn't step up here and it's not going to cost taxpayers because the assets are there."
The California Democrat, who represents the district in which the bank was formerly headquartered in Santa Clara, California, emphasized the importance for depositors to have access to their accounts, continuing on to state that such a move would not cost taxpayers any money.