Business

Silicon Valley Lawmaker Explores Legislation After Bank Collapse

Two weeks after Silicon Valley Bank’s collapse left thousands of businesses reeling, one Silicon Valley lawmaker is exploring legislation to ensure it doesn’t happen again. At a discussion in Santa Clara on Saturday with nonprofit and business leaders, Congressman Ro Khanna announced he’s crafting legislation that would require banks to pay higher premiums to the Federal Deposit Insurance Corporation (FDIC) to protect all account holders — including those with funds higher than $250,000. The revenue would protect deposits in case of a collapse.

Published

3 years ago

April 3, 2023

Oakland Post

Congressman Ro Khanna announced he's crafting legislation that would require banks to pay higher premiums to the Federal Deposit Insurance Corporation (FDIC) to protect all account holders.

By Jana Kadah
San Jose Spotlight

Two weeks after Silicon Valley Bank’s collapse left thousands of businesses reeling, one Silicon Valley lawmaker is exploring legislation to ensure it doesn’t happen again.

At a discussion in Santa Clara on Saturday with nonprofit and business leaders, Congressman Ro Khanna announced he’s crafting legislation that would require banks to pay higher premiums to the Federal Deposit Insurance Corporation (FDIC) to protect all account holders — including those with funds higher than $250,000. The revenue would protect deposits in case of a collapse.

“I think (this legislation) is promising if I can get a Republican to sign on,” Khanna told San Jose Spotlight. “Right now, you basically have large accounts acting as uninsured drivers. The government ends up covering them if they fail, but they’re not paying for the insurance beyond $250,000, so we need to have some fees and some insurance.”

Financial regulators abruptly closed Silicon Valley Bank on March 10 after uncertainty about its solvency led to a massive bank run. The bank’s failure is the second largest in U.S. history and SVB reportedly held $209 billion in assets at the time of its collapse.

The closure sent a wave of panic among thousands of tech businesses, nonprofits and startups that questioned how they’d make payroll and keep their doors open without access to their funds.

The Federal Reserve Board said all depositors at Silicon Valley Bank could access their money the following Monday — three days after the collapse — including funds beyond the $250,000 insurance cap. The announcement led to lines wrapping around the bank’s headquarters in Santa Clara with anxious account holders waiting to pull their money.

Still, two weeks later, many business leaders are apprehensive about the future.

Marie Bernard, CEO of homeless prevention nonprofit Sunnyvale Community Services, said she’s worried about a SVB loan taken out to pay for her nonprofit’s new office. If the loan falters, the nonprofit will be forced to foot the bill and cut back services like rent relief and food for needy residents. She’s relieved the nonprofit’s $1 million in the bank is safe.

“We still don’t know what’s going on with the loan (for the new office space),” Bernard said at the Saturday discussion. “We’re on pins and needles until we can either raise the remaining money for the mortgage, or we find that we can potentially refinance.”

Austin Sendek, co-founder and CEO of climate-tech startup Aionics, Inc, which uses artificial intelligence to find environmental solutions, said climate-tech businesses like his struggle to get investments.

“Climate tech is already seen as a somewhat risky investment, so when you get those investment dollars in your bank account, you want to protect them,” Sendek said. “We’re (also) going into a macro-economic environment where venture capital seems to be sort of becoming a little bit harder to come by.”

Without protection from the FDIC, Sendek said a generation of climate-tech startups in the region would be wiped out financially and struggle to secure future investments.

Nico Pinkowski, CEO of Nitricity Inc — a startup that transforms water, air and solar into nitrogen fertilizer — said now that he’s made payroll and vendor payments, his biggest worry is how SVB’s failure may impact other regional banks. Deposits at small U.S. banks dropped dramatically in the week following the collapse of Silicon Valley Bank on March 10, data by the Federal Reserve showed.

He said climate-tech companies like his survive because of the flexibility regional banks can provide.

“We need these banks to continue to be there and we need to rebuild trust,” Pinkowski said. “Any and all ways the government can support rebuilding of trust makes ultimately a very large difference for companies like ours.”

Khanna said Americans should feel confident in the U.S. banking industry. In the last 10 years, 73 banks have failed and the depositors at all of them were made whole, he said. In response to criticism that the government is bailing out billionaires, Khanna said SVB’s situation is different from the 2008 financial crisis because the protection is for small businesses, nonprofits and tech startups — not bank executives and shareholders.

“(This wasn’t) just bailing out the rich people in Silicon Valley,” Khanna said. “These were the climate tech startups. These were the startups at biotech. And these were a lot of organizations that were actually serving the community.”

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Mayor Barbara Lee Declares ‘Delroy Lindo Day,’ Presents Acclaimed Actor with Key to the City

Oakland Mayor Barbara Lee honored acclaimed actor Delroy Lindo with the Key to the City and declared “Delroy Lindo Day” to celebrate his contributions to film, television, and theater.

Published

24 minutes ago

May 15, 2026

Oakland Post

Oakland Mayor Barbara Lee presents Oakland actor Delroy Lindo the key to the cCity Council chambers of Oakland City Hall in downtown Oakland. Photo by Carla Thomas.

By Carla Thomas

Oakland honored one of its most distinguished residents on May 6 as Mayor Barbara Lee presented acclaimed actor Delroy Lindo with the Key to the City and an official proclamation declaring “Delroy Lindo Day.”

The event, titled “Rooted in Legacy: Honoring Delroy Lindo,” took place at Oakland City Hall and brought together community leaders, artists, and young people for an evening centered on storytelling, cultural pride, and intergenerational connection.

Lindo, a critically acclaimed artist who lives in Oakland, was recognized for his extensive contributions to film, television, and theater, as well as his impact on the global African diaspora. Most recently the Oscar-nominated artist was recognized for his phenomenal role as a bluesman in Ryan Coogler’s “Sinners,” a winner both critically and at the box office.

His celebrated body of work included roles in “Unprisoned,” “Malcolm X”, “Clockers,” “Get Shorty,” and ”Da 5 Bloods,” among others.

“He’s brought depth, inspiration, and authenticity to the screen,” said Lee.

The program highlighted both Lindo’s artistic legacy and his influence as a mentor. A centerpiece of the evening was an intimate fireside conversation between MLee and Lindo.

“I am a living, breathing example of somebody who has achieved the American Dream,” said Lindo. “The other side of that is I walk through the world as a Black man of African descent.”

At 5 years of age, Lindo played King Balthazar in a Nativity play. And years later on Easter of 1973 in New York the Negro Ensemble Company’s play, “The River Niger” left a great impact on him.

“Seeing that production and so many Blacks in the audience, gave me an understanding that maybe I could have a career as an actor,” said Lindo.

Students from the Oakland School for the Arts delivered powerful monologues, adding a dynamic and emotional layer to the program. The students’ instructor, Tavia Percia, chairman of the school’s theatre department, watched the performance proudly. Their performances emphasized the importance of arts education and demonstrated the next generation of talent inspired by figures like Lindo.

Five young men from All Tied Up Academy had the honor of presenting the “Rooted in Legacy” plaque to Lindo with Lee.

The evening also featured a cinematic showcase of Lindo’s work, offering a retrospective glimpse into his decades-long career.

The Golden State Warriors presented Lindo with a custom jersey, symbolizing the city’s appreciation for his contributions both on and off the screen.

The highlight of the evening came as Lee formally presented Lindo with the Key to the City and read the proclamation establishing “Delroy Lindo Day.” The recognition marked not only his artistic achievements but also his enduring connection to Oakland and his commitment to community engagement.

Celebrities, including filmmaker Ryan Coogler, congratulated Lindo via a video presentation. Lindo did not hold back the tears of gratitude. “I carry Oakland with me wherever I go,” said. Lindo, who is Jamaican via the UK, said he chose the Bay Area to call home with his wife and raise his son.

When young men who grew up with his son entered the council chambers, Lindo welcomed them to the stage for a hug and acknowledgement. “These young men are all honorable. I’ve watched them grow up, and they are the future,” he said. “These are three people that give me hope for this country.”

Addressing the audience, Lindo said, “You are part of the infrastructure of my life. My life would not be as it is without you. You give me more than I give you. Wherever I go, I bring Oakland with me.”

advised everyone to push past negativity of the world.

“Hold onto your dreams, particularly now in this country being fed the constant narrative that ‘we are less than,’ because we know we are more than. And kudos to Mayor Lee at the forefront for decades repping us for Oakland and America.”

“Everyone, hold fast to your purpose and charge as a human being and to the young; go for yours!”

Lindo thanked his many fans, friends, and family in the audience. Attendees included broadcaster Dave Clark, attorney John Burris, former Alameda County Supervisor Keith Carson, Dr. Albert Brooks who delivered his son, and First African Methodist Episcopal Church Rev. Rodney Smith. Screenwriter David Webb Peoples, who gave him his first film role in Australia, “The Blood of Heroes, was also in attendance.

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‘Hire Oakland’ Job Fair Draws 2,000, Connecting Residents to Immediate Job Opportunities

Oakland’s Hire Oakland job fair, hosted by Mayor Barbara Lee’s office, connected over 2,000 job seekers with employers, highlighting a strong demand for quality jobs and career pathways in the city.

Published

1 hour ago

May 15, 2026

Oakland Post

Left to right: Yawo Tekpa, OPIC Manager, One Stop Operator; Sofia Navarro, Deputy City Administrator; and Ray Lankford, CEO of the Oakland Private Industry Council. Photo by Jonathan Fitness Jones.

By Post Staff

The Office of Mayor Barbara Lee, in partnership with the City of Oakland and regional employers, hosted a successful Hire Oakland job fair this week at Frank H. Ogawa Plaza, bringing together job seekers and employers for a day focused on opportunity, connection, and economic mobility.

With more than 2,000 RSVPs, the event on Wednesday reflected strong demand across Oakland for access to quality jobs and career pathways. Attendees participated in on-site recruitment, application support, and hands-on workshops designed to help job seekers navigate hiring processes and prepare for interviews.

Over the course of the day, employers and community partners engaged directly with residents in a welcoming, high-energy environment centered on opportunity and hope. Participating employers included EBMUD, Samuel Merritt University, the City of Oakland, BART, PG&E, AC Transit, East Bay Regional Parks District, Southwest Airlines, FedEx, and many others offering immediate openings and career pathways across sectors.

Workforce development partners Oakland Private Industry Council (OPIC) and Lao Family Community Development provided connections to résumé support, interview coaching, and individualized job search assistance throughout the event.

The strong turnout underscores a clear reality: Oakland residents are eager for pathways into meaningful work, and sustained investment in youth and workforce programs is essential.

That is why Mayor Lee has prioritized relaunching the Oakland Police Cadet Program and the Mayor’s Youth Employment and Education Program (MYEEP)—ensuring young people have early access to paid work experience, mentorship, and long-term career pathways, according to a City press statement.

“The turnout shows what we already know—Oaklanders are ready to work, ready to grow, and ready to build their futures here at home,” said Lee. “When we connect people directly to employers and invest in young people early, we are not just filling jobs—we are changing lives and strengthening our city’s future.”

The Hire Oakland job fair is part of the City’s broader effort to strengthen workforce pipelines, expand access to good-paying jobs, and ensure Oakland residents are first in line for local opportunity.

About Hire OaklandHire Oakland is a citywide workforce initiative led by the Office of Mayor Barbara Lee in partnership with City departments, workforce development organizations, and regional employers. The program connects Oakland job seekers to real-time hiring opportunities, training resources, and career pathways.