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BANK COLLAPSE FALLOUT: Is your money, job safe in NC financial hub?

By Derek Dellinger,

2023-03-14

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CHARLOTTE, N.C. (WJZY) — Following the recent collapse of two banks, there may be some questions the public has on how the failures will affect them.

There are questions Charlotte-area lawmakers are already addressing. Specifically, is your money safe? And in a finance hub like the Queen City, is your job safe?

The short answer is yes, but the longer answer is more complicated.

“People who were innocent in this — they are all going to be impacted,” said Rep. Alma Adams, a Democratic congresswoman representing Charlotte, when asked about the collapse of Silicon Valley Bank and Signature Bank.

“I want to know what happened,” said Adams, who has previously served on the House Financial Services Committee. “Why it happened; what did they do? The president said some folks should be fired. I agree with him.”

While the subject of bank failures may be political in nature, both Adams and Republican Rep. Ralph Norman of South Carolina are not bringing diverging policy opinions into the equitation with the news being fresh.

“The banks definitely have issues, and we’ll learn more as time goes on,” said Norman, who represents counties just south of Charlotte and currently serves on the House Financial Services Committee.

So far, the two banks’ collapse are the only so far in the Biden administration. There were 16 banks to collapsed during the Trump administration.

Some of the blame for the bank collapses, outside of political circles, have centered on a series of banking industry rollbacks enacted in 2018.

Norman voted for the rollbacks. Adams did not.

Norman defended his vote Monday.

“You make the best decisions you can at the time,” he said.

Both Norman and Adams wanted to assure the public that banking in the Carolinas is in significantly better shape than in the areas of the banks that collapsed. They noted how many large banks in the Charlotte area are subject to more stringent regulations.

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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