50 Tech Leaders Circulated A Private Memo In Washington Calling For Action On SVB

As SVB careened towards catastrophe, some 50 founders, VCs, economists and comms experts gathered in a WhatsApp group to draft a memo calling for urgent preservation of its deposits for the sake of the broader economy. Then they sent it to Washington.

Just after 5:30 pm Pacific on Saturday, a memo started making the rounds among policymaker staff. Called “United States Cascade Bank Failure Scenario,” the private document laid out the case for why the U.S. government needed to take “decisive action” to avoid a continued bank run in the wake of the abrupt closure of Silicon Valley Bank.