Truthout
Silicon Valley Bank
![People line up in front of a sign reading "SVB Private"](https://truthout.org/app/uploads/2023/03/2023_0315-svb-bank-400x300.jpg)
Silicon Valley Bank Collapse Offers a Primer on How Elite Power Preserves Wealth
The second-largest bank failure in history was like a pipeline rupture interrupting the flow of capital.
![Kyrsten Sinema stands and claps](https://truthout.org/app/uploads/2023/03/2023_0315-sinema-400x300.jpg)
Lobbyists “Bought Sinema’s Vote” That Resulted in Bank Collapse, Gallego Says
Three SVB lobbyists maxed out donations to Sinema ahead of 2018 Dodd-Frank rollback which led to the collapse, he said.
![Sen. Joe Manchin speaks during a news conference to introduce the Restricting the Emergence of Security Threats that Risk Information Communications Technology Act, or RESTRICT Act, on Capitol Hill on Tuesday, March 7, 2023, in Washington, D.C.](https://truthout.org/app/uploads/2023/03/2023_0314-joe-manchin-400x300.jpg)
Manchin Now Says Bank Deregulation Isn’t Great Despite “Yes” Vote on 2018 Repeal
In the wake of the Silicon Valley Bank failure, bank deregulation doesn’t look so good to Manchin.
![Federal Reserve Chair Jerome Powell arrives to a hearing with the House Committee on Financial Services on Capitol Hill on March 8, 2023, in Washington, D.C.](https://truthout.org/app/uploads/2023/03/2023_0314-jerome-powell-400x300.jpg)
Warren: Jerome Powell Should Recuse Himself From Bank Probe for Role in Failure
The Silicon Valley Bank failure was caused in part by deregulation pushed by Powell, Warren says.
![Banks Lobbied to Weaken Regulations That Could Have Prevented Their Collapse](https://truthout.org/app/uploads/2023/03/seg1-Biden-SVB-400x300.jpg)
Banks Lobbied to Weaken Regulations That Could Have Prevented Their Collapse
Executives from the failed Silicon Valley Bank and Signature Bank were among those who lobbied to weaken the rules.
![Sen. Bernie Sanders speaks during a hearing on Capitol Hill on March 9, 2023, in Washington, D.C.](https://truthout.org/app/uploads/2023/03/2023_0313-bernie-sanders-400x300.jpg)
Following Bank Collapses, Sanders Calls for Repeal of Trump-Era Deregulation
We can’t pursue more socialism for the rich and “rugged individualism” for everyone else, Sanders said.
![Media staff report in front of the headquarters of Silicon Valley Bank on March 10, 2023 in Santa Clara, California.](https://truthout.org/app/uploads/2023/03/GettyImages-1472705596-400x300.jpg)
Silicon Valley Bank Collapses in Largest Failure Since 2008 Crisis
The bank's financial woes rattled Wall Street and left depositors scrambling to withdraw their money.