Silicon Valley Bank shut down, second biggest bank collapse in U. S. history, Live NOW from FOX

The Federal Deposit Insurance Corporation (FDIC) says it has seized control of Silicon Valley Bank (SVB), confirming the lender was shut down by California regulators amid a run on the bank. The FDIC said in a press release that SVB was closed on Friday by the California Department of Financial Protection and Innovation, which in turn appointed FDIC as the receiver of all insured deposits of the bank. Tech investor Zain Jaffer joins LiveNOW s Andrew Craft to discuss what SVB s collapse means for the industry and for the people who banked there. More LiveNOW from FOX streaming video Subscribe to LiveNOW from FOX Where to watch LiveNOW from FOX: Follow us LiveNOWFOX on Twitter: Raw and unfiltered. Watch a nonstop stream of breaking news, live events and stories across the nation. Limited commentary. No opinion. Experience LiveNOW from FOX.