WASHINGTON (WAVY) – Senator Mark Warner released a statement Sunday following the failure of Silicon Valley Bank.

Sen. Warner, who is a member of the Senate Banking Committee, released the following statement Sunday night:

After an unprecedented and reckless run on Silicon Valley Bank, there were very real risks of instability spreading to other institutions and undermining our national security and technology innovation ecosystem. The Federal Reserve, the FDIC and the Treasury Department have together acted as Congress intended when we wrote Dodd-Frank by acting swiftly and responsibly to protect depositors and make sure that our financial system remains stable, while at the same time making clear that bank shareholders and bondholders shouldn’t expect any kind of bailout by the taxpayers. Their quick action will help companies make payroll and preserve jobs all across the country.

Senator Mark Warner’s Statement regarding the failure of Silicon Valley Bank

This statement comes after the U.S. took steps to stop a potential banking crisis by assuring that depositors at the failed financial institution would be able to access all of their money quickly.

The collapse of the California-based bank is the second-largest bank failure in U.S. history