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.
Members of the group admitted that their own financial self-interest was also at stake. But they insisted that concern about wider consequences for the U.S. economy and its citizens was their primary motivation. “There was a contingent from my world who were like, ‘I want my money back’ people. This group was not those people,” Zack Rosen, cofounder of software startup Pantheon and one of the driving forces behind the group, told.
The “Stop Bank Failure Cascade” memo may well have found a beltway reader that helped change that perception.
A spokesperson for Khanna’s office said the congressman had not seen or reviewed such a memo, nor had his staff. A White House spokesperson was unable to confirm receipt by any of its staff at the time of publication. Newsom’s office did not respond to a comment request. Tan declined to comment through a Y Combinator spokesperson.
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