Gluesenkamp Perez Signs on to Letter Urging SEC to Hold Silicon Bank Executives Accountable 

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U.S. Rep. Marie Gluesenkamp Perez, D-Skamania County, last week joined fellow House Democrat Rep. Seth Magaziner, D-Rhode Island, in penning a letter to the Securities and Exchange Commission (SEC) asking for Silicon Valley Bank executives to be held accountable for their actions in the days leading up to the bank’s collapse. 

The letter states that executives at the failed bank sold millions of dollars in stock before its failure. 

Citing SEC filing, the lawmakers stated in a press release that Silicon Valley Bank Chief Executive Greg Becker sold nearly $3.6 million in shares and Chief Financial Officer Daniel Beck sold $575,000 worth of shares by way of 10b5-1 plans filed in January.

According to the release, 10b5-1 plans allow corporate insiders to sell shares by scheduling share sales in advance. The timing of the executives’ stock sales suggest they were attempting to avoid a new rule to address misuse of 10b5-1 plans, prompting an SEC investigation, according to the release.

In the letter, Gluesenkamp Perez and Magaziner asked the SEC to publicly report the findings of its investigation and offer reforms that could be undertaken further combat insider trading.



“A healthy banking system necessitates that people have faith in the integrity and solvency of banks of ALL sizes,” they wrote. “We hope the SEC will use as many resources as possible to uncover any wrongdoing and restore public faith in these institutions and the system at large.”

Gluesenkamp Perez said many small business owners were placed under stress because of the collapse of Silicon Valley Bank and “the reckless and potentially criminal behavior from bank executives that led it.”

“We need to make sure that white-collar crime is treated with the same level of seriousness as blue-collar crime, and that’s why I’m proud to join Rep. Magaziner in demanding accountability to help restore faith and stability in our banking system,” Gluesenkamp Perez said in the release. 

The full letter can be read online at https://bit.ly/3luDfs1.