How the progressive Democrat Ro Khanna advocated for the federal government to guarantee all deposits after Silicon Valley Bank nearly went under.
One thing that Ro Khanna, a U.S. House member who represents parts of Silicon Valley, has learned about trying to organize relations between the Democratic Party and tech billionaires is that it is often easier to leverage the narcissism of founders than to disabuse them of it. “You have to understand the mind-set of people who are entrepreneurs,” he told me recently, over lunch on the Hill. “They think their destiny is to change the world.
was about to go under. Khanna knew a bit about S.V.B.—“a bank that was nice to entrepreneurs and would give them a line of credit, and where the V.C.s and tech investors told you to put your money”—but he hadn’t been aware that it was in any kind of trouble.
The federal government, for better or worse, was not emoting. On Saturday, Khanna was at Washington, D.C.,’s annual Gridiron Club dinner, where Secretary of State Antony Blinken was delivering White House-friendly jokes about Biden’s folksiness. In the audience, Khanna ran into Steve Ricchetti, a senior adviser to the President. Khanna made his case for the federal government to guarantee all deposits before the banks opened on Monday. “I said, ‘Steve, this is serious.
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