Sanders, Hochul respond to bank collapses

BURLINGTON, Vt. (WCAX) - Vermont Sen. Bernie Sanders and New York Gov. Kathy Hochul are reacting after two banks, Signature Bank from New York and Silicone Valley Bank from California, collapsed within days of each other.

Sanders, I-Vermont, said the failure of Silicon Valley Bank is because of the 2018 bank deregulation bill signed by former President Donald Trump.

He said he’s concerned about what the bank collapses could mean for small businesses in Vermont. And he adds if there is a bailout, it should be funded by Wall Street and large financial institutions, not taxpayers.

“What happens in America, we have socialism for the rich and rigged free enterprise for everyone else. And if you mismanage a bank, you should not ask everyone else to bail you out. That’s wrong,” said Sanders, I-Vermont.

Meanwhile, New York Gov. Kathy Hochul said her team is working on the fallout from Signature Bank.

“Many depositors at these banks are small businesses, including those driving the innovation economy, and their success is key to New York’s robust economy,” Hochul, D-New York, said in a statement.

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