In the aftermath of recent bank failures, the Chamber appreciates that financial regulators acted quickly to ensure that small businesses retained access to deposits so they could make payroll. Ensuring the banking system remains competitive, as part of a diverse financial ecosystem, will allow businesses of all sizes to have access to a variety of financial services and products and protect our dynamic business environment. We believe it is important that policymakers carefully review all facts before shaping new banking policies because Main Street businesses depend on banks of all sizes for the capital necessary to get started, sustain operations, manage cash, make payroll, and create well-paying jobs.
While it is not unusual for banks to go into receivership, the U.S. Chamber of Commerce supports a careful review of the circumstances contributing to the failures of Silicon Valley Bank (“SVB”) and Signature bank. Policymakers should not consider imposing new regulations across the entire banking system until this review is complete. We support what Secretary Yellen recently described as an “evidence-based review,” underscoring that “Federal regulators are in the process of reviewing events surrounding the failure of SVB. We should not prejudge the findings of ongoing inquiries, including the important work your agencies have already commenced.”