U.S. Congressman Cuellar addresses SVB collapse
LAREDO, Tex. (KGNS) - The news of the two banks collapsing continues to raise concern, but U.S. Congressman Henry Cuellar said he and his colleagues in Capitol Hill have been briefed on the matter.
Congressman Cuellar said thanks to the banking laws that were changed in 2007 and 2008 and federal insurance that protects customers in the event of a bank issue, it should put people at ease.
He advised the public to not rush out and take their money out of banks. When asked if he believes a similar collapse can happen in Texas, he said the Texas banking culture differs from other states. “I can tell you that in Texas, the banks are more conservative. The banks and the unions have a more conservative culture. If you look at the history here in Texas, you will have more of a conservative nature here than, with all due respect, California,” said U.S. Representative Cuellar.
According to news outlets, House Republicans held a call with members to discuss the Biden administration’s response to the collapse.
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