California Democratic Gov. Gavin Newsom cheered the federal government’s decision to protect Silicon Valley Bank’s depositors without mentioning that he is one of them.
Newsom praised the Biden administration on Sunday after the federal government announced that that Federal Deposit Insurance Corporation (FDIC) would cover all depositor losses from the Silicon Valley Bank (SVB) collapse. The bailout was a surprise for SVB’s largest depositors as FDIC insurance is guaranteed to cover only up to $250,000 per account.
Newsom, who is rumored to be considering a White House run if President Joe Biden declines, said in a statement on Sunday that the “Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system.”
“California is a pillar of the American
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