May 16, 2023 | Blog Posts

Two Big Takeaways from Today’s Financial Services Hearing

I want to update you on two big takeaways following the second hearing over the Silicon Valley Bank collapse in the House Financial Services Committee:  

  • We must not penalize small “mom and pop” rural banks – that have on average 95% of their deposits ensured – to pay for the risky lending behavior of banks in New York and California.   

  • The FDIC must take a more serious look at some of the risk-based calculations to ensure this never happens again. 

Bottomline: Silicon Valley and Signature Banks failed because of bank mismanagement, but now, D.C. bureaucrats are trying to seize the moment to push a red tape laden agenda that will hurt rural America. 

Watch this 5-minute video on my exchange with the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve for more: 

As your fighter in Congress, I will continue working to make sure Iowans don’t find themselves on the hook paying for risky banks like Silicon Valley Bank.