New York City Mayor Eric Adams and New York Governor Hochul today convened a meeting with representatives from the city’s technology and venture community, and many small businesses, to address their concerns after the closure of Signature Bank on Sunday evening and Silicon Valley Bank on Friday night.
“While we are still assessing the impact from these two closures, we will do everything in our power to protect New York’s workers, its small businesses, taxpayers, and our economy at large,” said Mayor Adams. “This afternoon, Governor Hochul and I spoke with representatives from the city’s technology and venture community, and we remain committed to supporting these industries and their workers. We applaud the swift and decisive action taken by federal regulators to support both Signature Bank and Silicon Valley Bank and will continue to update the public as this situation develops. New York City is the financial and innovation capital of the world, and we will work at all levels of government to ensure the continued stability of our financial ecosystem.”
“The city’s Banking Commission has been carefully monitoring the situation and is actively reviewing all of the city’s depository banks to ensure taxpayer funds remain fully secure,” said New York City Treasurer Mary Christine Jackman. “All of the city’s deposits with Signature Bank are protected, and we remain encouraged by the proactive steps taken by state and federal regulators to fully guarantee deposits, including from the city. At this time, we will continue to evaluate the situation and, of course, take appropriate action, if necessary, to ensure taxpayer funds remain safe.”
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