Silicon Valley Bank fallout: Khanna explores legislation to prevent similar future collapse

TWO WEEKS AFTER Silicon Valley Bank’s collapse left thousands of businesses reeling, one Silicon Valley lawmaker is exploring legislation to ensure it doesn’t happen again.

At a discussion in Santa Clara on Saturday with nonprofit and business leaders, Congressman Ro Khanna announced he’s crafting legislation that would require banks to pay higher premiums to the Federal Deposit Insurance Corporation (FDIC) to protect all account holders — including those with funds higher than $250,000. The revenue would protect deposits in case of a collapse.