During a town hall meeting in Somerville, U.S.
Representative Ayanna Pressley spoke about the collapse of Silicon Valley Bank and applauded President Biden’s response to reassure depositors that they will receive their money back.
Along with Massachusetts Senator Elizabeth Warren, Pressley is calling for a congressional investigation into the collapse and how the 2018 Republican bank deregulation bill contributed to SVB’s behavior.
ABC News reported that the DOJ and SEC have already begun federal investigations into the bank’s collapse.
Pressley and Warren are introducing a bill to reintroduce stricter Obama-era regulations that were repealed during the Trump administration.