JEFFERSON CITY, MO – After talking to St. Louis Federal Reserve officials, Missouri State Treasurer Vivek Malek released the following statement:
“After witnessing the events of last week, I visited with St. Louis Federal Reserve officials to hear what, if any, impact the collapse of Silicon Valley Bank and other banks has had on Missouri’s financial institutions.
“I was encouraged to be assured that our banks are in a good position, but will continue to monitor the situation. It’s important to remind Missourians that their deposits in Federal Deposit Insurance Corporation (FDIC)-insured banks and credit unions are federally protected up to $250,000.00.
“While it is reassuring that Missouri’s financial institutions are in a stable position, it’s also important to recognize that Biden’s inflation contributes greatly to much of the risk faced by these institutions.
Missourians deserve policies that lower interest rates and the price of groceries and fuel.”