GOP figures have claimed the bank's failure was due to its diversity policies, and that it was saved by the Biden administration for being 'woke.'
Republican claims that Silicon Valley Bank —which collapsed last week—was"too woke to fail" may make for good sound bites, but they do not necessarily align with the reality of a federal intervention that looked to protect depositors while allowing the bank to fail., the second-largest in U.S. history, on the diversity and inclusion policies it touted.
The failure of SVB on March 10 led to a federal intervention to guarantee the funds of depositors with the bank, as it did with Signature Bank when it. The Biden administration's pledge to cover deposits, including those exceeding the $250,000 federally insured limit, looked to limit the impact of the collapse on the wider economy.
that without government intervention, the collapse of SVB would have precipitated the closure of potentially thousands of businesses that rely on their deposits for day-to-day business.
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