San Jose mayor blasts ‘weak’ government response to Silicon Valley Bank collapse

IN THE AFTERMATH of the collapse of Silicon Valley Bank, San Jose Mayor Matt Mahan blasted the federal government’s approach to the crisis — calling it “weak” and “half-hearted.”

Mahan’s comments came after U.S. Treasury Secretary Janet Yellen said during a Sunday morning broadcast of Face the Nation that the government could not commit to guaranteeing the deposits of customers of the defunct bank — or even confirm when they might have access to their funds. She only said it’s “something we’re working to try to resolve.” But later in the day Sunday, FDIC officials announced all depositors would be fully protected and have access to their money by Monday morning.