SALT LAKE CITY — Many prominent Utah business and political leaders took to a town hall on Monday morning to discuss the fallout of Silicon Valley Bank and its impact on the Beehive State.
Utah Governor Spencer Cox, Utah Senators Mitt Romney and Mike Lee, CEO of Zions Bank Scott Anderson, Speaker of the Utah House of Representatives Brad Wilson, and President of the Utah Senate Stuart Adams, as well as other participants, spoke during the town hall.
Federal officials said on Sunday that all SVB clients will be protected and have access to their funds.
In the days after the fallout, some Utah leaders spoke out, calling for the federal government to "act immediately."
"The federal government must act immediately to assure depositors at SVB and at regional and local banks everywhere that their deposits are completely safe," Utah Senator Mitt Romney said in the tweet. "The immediate and long-term consequences of failure to do so could be extreme."
"It’s very likely that the assets of SVB will be purchased by another bank and this will work out over time," Utah Gov. Spencer Cox said in a tweet. "Taxpayers should not lose money! But we can help bridge the time gap to save thousands of companies and hundreds of thousands of our neighbors who did nothing wrong."
