Political Quotes

“Mr. Speaker, following the failures of Silicon Valley Bank and Signature Bank in 2023, the Federal Deposit Insurance Corporation invoked the systemic risk exception to guarantee uninsured deposits at those banks. Before 2023, the systemic risk exception was invoked but five times, all occurring between September 2008 and March 2009. Mr. Speaker, it is important to note at this point the importance of the knowledge of what has occurred in Congress. We call it institutional knowledge. Institutional knowledge is important because this legislation gives us the opportunity to explain why institutional knowledge can make a difference. Because the Honorable Maxine Waters was present in 2008 and saw what occurred when banks were afraid to lend to each other, she was able to give the necessary input when we had the Silicon Valley and Signature Bank failures. She was able to give the necessary input to prevent a further run on banks in this country. Institutional knowledge should never be undervalued. We must maintain and keep our institutional knowledge.”