Business

Silicon Valley Lawmaker Explores Legislation After Bank 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.

Published

3 years ago

April 3, 2023

Oakland Post

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.

By Jana Kadah
San Jose Spotlight

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.

“I think (this legislation) is promising if I can get a Republican to sign on,” Khanna told San Jose Spotlight. “Right now, you basically have large accounts acting as uninsured drivers. The government ends up covering them if they fail, but they’re not paying for the insurance beyond $250,000, so we need to have some fees and some insurance.”

Financial regulators abruptly closed Silicon Valley Bank on March 10 after uncertainty about its solvency led to a massive bank run. The bank’s failure is the second largest in U.S. history and SVB reportedly held $209 billion in assets at the time of its collapse.

The closure sent a wave of panic among thousands of tech businesses, nonprofits and startups that questioned how they’d make payroll and keep their doors open without access to their funds.

The Federal Reserve Board said all depositors at Silicon Valley Bank could access their money the following Monday — three days after the collapse — including funds beyond the $250,000 insurance cap. The announcement led to lines wrapping around the bank’s headquarters in Santa Clara with anxious account holders waiting to pull their money.

Still, two weeks later, many business leaders are apprehensive about the future.

Marie Bernard, CEO of homeless prevention nonprofit Sunnyvale Community Services, said she’s worried about a SVB loan taken out to pay for her nonprofit’s new office. If the loan falters, the nonprofit will be forced to foot the bill and cut back services like rent relief and food for needy residents. She’s relieved the nonprofit’s $1 million in the bank is safe.

“We still don’t know what’s going on with the loan (for the new office space),” Bernard said at the Saturday discussion. “We’re on pins and needles until we can either raise the remaining money for the mortgage, or we find that we can potentially refinance.”

Austin Sendek, co-founder and CEO of climate-tech startup Aionics, Inc, which uses artificial intelligence to find environmental solutions, said climate-tech businesses like his struggle to get investments.

“Climate tech is already seen as a somewhat risky investment, so when you get those investment dollars in your bank account, you want to protect them,” Sendek said. “We’re (also) going into a macro-economic environment where venture capital seems to be sort of becoming a little bit harder to come by.”

Without protection from the FDIC, Sendek said a generation of climate-tech startups in the region would be wiped out financially and struggle to secure future investments.

Nico Pinkowski, CEO of Nitricity Inc — a startup that transforms water, air and solar into nitrogen fertilizer — said now that he’s made payroll and vendor payments, his biggest worry is how SVB’s failure may impact other regional banks. Deposits at small U.S. banks dropped dramatically in the week following the collapse of Silicon Valley Bank on March 10, data by the Federal Reserve showed.

He said climate-tech companies like his survive because of the flexibility regional banks can provide.

“We need these banks to continue to be there and we need to rebuild trust,” Pinkowski said. “Any and all ways the government can support rebuilding of trust makes ultimately a very large difference for companies like ours.”

Khanna said Americans should feel confident in the U.S. banking industry. In the last 10 years, 73 banks have failed and the depositors at all of them were made whole, he said. In response to criticism that the government is bailing out billionaires, Khanna said SVB’s situation is different from the 2008 financial crisis because the protection is for small businesses, nonprofits and tech startups — not bank executives and shareholders.

“(This wasn’t) just bailing out the rich people in Silicon Valley,” Khanna said. “These were the climate tech startups. These were the startups at biotech. And these were a lot of organizations that were actually serving the community.”

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OP-ED: AB 1349 Puts Corporate Power Over Community

Since Ticketmaster and Live Nation merged in 2010, ticket prices have jumped more than 150 percent. Activities that once fit a family’s budget now take significant disposable income that most working families simply don’t have. The problem is compounded by a system that has tilted access toward the wealthy and white-collar workers. If you have a fancy credit card, you get “presale access,” and if you work in an office instead of a warehouse, you might be able to wait in an online queue to buy a ticket. Access now means privilege.

Published

1 week ago

January 9, 2026

Oakland Post

Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland

By Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland

As a pastor, I believe in the power that a sense of community can have on improving people’s lives. Live events are one of the few places where people from different backgrounds and ages can share the same space and experience – where construction workers sit next to lawyers at a concert, and teenagers enjoy a basketball game with their grandparents. Yet, over the past decade, I’ve witnessed these experiences – the concerts, games, and cultural events where we gather – become increasingly unaffordable, and it is a shame.

These moments of connection matter as they form part of the fabric that holds communities together. But that fabric is fraying because of Ticketmaster/Live Nation’s unchecked control over access to live events. Unfortunately, AB 1349 would only further entrench their corporate power over our spaces.

Power over live events is concentrated in a single corporate entity, and this regime operates without transparency or accountability – much like a dictator. Ticketmaster controls 80 percent of first-sale tickets and nearly a third of resale tickets, but they still want more. More power, more control for Ticketmaster means higher prices and less access for consumers. It’s the agenda they are pushing nationally, with the help of former Trump political operatives, who are quietly trying to undo the antitrust lawsuit launched against Ticketmaster/Live Nation under President Biden’s DOJ.

That’s why I’m deeply concerned about AB 1349 in its current form. Rather than reining in Ticketmaster’s power, the bill risks strengthening it, aligning with Trump. AB 1349 gives Ticketmaster the ability to control a consumer’s ticket forever by granting Ticketmaster’s regime new powers in state law to prevent consumers from reselling or giving away their tickets. It also creates new pathways for Ticketmaster to discriminate and retaliate against consumers who choose to shop around for the best service and fees on resale platforms that aren’t yet controlled by Ticketmaster. These provisions are anti-consumer and anti-democratic.

California has an opportunity to stand with consumers, to demand transparency, and to restore genuine competition in this industry. But that requires legislation developed with input from the community and faith leaders, not proposals backed by the very company causing the harm.

Will our laws reflect fairness, inclusion, and accountability? Or will we let corporate interests tighten their grip on spaces that should belong to everyone? I, for one, support the former and encourage the California Legislature to reject AB 1349 outright or amend it to remove any provisions that expand Ticketmaster’s control. I also urge community members to contact their representatives and advocate for accessible, inclusive live events for all Californians. Let’s work together to ensure these gathering spaces remain open and welcoming to everyone, regardless of income or background.

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Oakland Post: Week of December 31, 2025 – January 6, 2026

The printed Weekly Edition of the Oakland Post: Week of – December 31, 2025 – January 6, 2026

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2 weeks ago

January 2, 2026

Oakland Post

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Big God Ministry Gives Away Toys in Marin City

Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grow up.

Published

3 weeks ago

December 29, 2025

Oakland Post

From top left: Pastor David Hall asking the children what they want to be when they grow up. Worship team Jake Monaghan, Ruby Friedman, and Keri Carpenter. Children lining up to receive their presents. Photos by Godfrey Lee.

By Godfrey Lee

Big God Ministries, pastored by David Hall, gave toys to the children in Marin City on Monday, Dec. 15, on the lawn near the corner of Drake Avenue and Donahue Street.

Pastor Hall also gave a message of encouragement to the crowd, thanking Jesus for the “best year of their lives.” He asked each of the children what they wanted to be when they grew up.

Around 75 parents and children were there to receive the presents, which consisted mainly of Gideon Bibles, Cat in the Hat pillows, Barbie dolls, Tonka trucks, and Lego building sets.

A half dozen volunteers from the Big God Ministry, including Donnie Roary, helped to set up the tables for the toy giveaway. The worship music was sung by Ruby Friedman, Keri Carpenter, and Jake Monaghan, who also played the accordion.

Big God Ministries meets on Sundays at 10 a.m. at the Mill Valley Community Center, 180 Camino Alto, Mill Valley, CA Their phone number is (415) 797-2567.