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State of Rhode Island Office of the General Treasurer James A. Diossa, General Treasurer

Treasurer Diossa Statement on Silicon Valley Bank

Published on Monday, March 13, 2023

Today, Rhode Island General Treasurer James A. Diossa released the following statement in response to Silicon Valley Bank (SVB) being placed under the receivership of the Federal Deposit Insurance Corporation.

“The financial challenges Silicon Valley Bank faced were unique to its structure and management,” said Treasurer Diossa. “Rhode Island's exposure has been limited. The Employee’s Retirement System of Rhode Island has invested in a stock index fund that held some assets in SVB. Additionally, the retirement system has a limited amount of fixed income exposure to SVB within two externally managed portfolios. As of the end of February, assets invested in SVB totaled less than 0.016% of our total portfolio, reaffirming our state’s principle of broad diversification and partnering with financial managers that seek the highest levels of financial security.”