How Washington came to rescue U.S. banks

After the sudden collapse of Silicon Valley Bank, California Democratic Rep. Maxine Waters started furiously working the phones to find out what was going on with the failed lender — and what would happen to its panicked depositors.

Waters, former chair of the House Financial Services Committee, had her doubts that another bank would step up as a savior and buy the defunct institution.

"Banks don't just wake up and say: 'Oh, there's a problem with another significant bank and they've collapsed. Let's just take it over,'" she said.