A Run on the Banks

Federal Reserve Chair Jerome Powell removes his glasses as he testifies before the House Committee on Financial Services on Capitol Hill in Washington on March 8, 2023. Anna Moneymaker/Getty Images

Commentary

On Mar. 9, Silicon Valley Bank (SVB) lost 60 percent of its value. It showed an aftertax loss of $1.8 billion. Silicon Valley is unique in that, since its inception, its primary target market has been the startup community in the Bay Area. As it expanded across the country, it targeted the startup market.