Senator James Lankford Raises Concerns About Federal Government's Response To The Silicon Valley Bank Collapse

Oklahoma Senator James Lankford is raising concerns about the federal government's response to the Silicon Valley Bank collapse.

The Federal Deposit Insurance Corporation says it will back 100% of deposits, above the standard $250,000 dollar limit per account. Many of those accounts were for tech startup companies.

Lankford says he's concerned about how the government is going to pay for all this because banks across the country will now have a pay a new fee to recoup the cost.

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"Banks in Oklahoma in rural towns are about to pay a special fee to bail out millionaires in San Francisco. Now what Oklahoma banks and bankers had to do with that bank failure in San Francisco I have no idea," said Senator Lankford.

The White House says the bank's executives and investors will not be bailed out and taxpayers will not be affected.

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