When Silicon Valley Bank and Signature Bank failed earlier this month, I joined some of my colleagues in Congress in a letter urging swift action from the Treasury, Federal Reserve, the FDIC, and the Comptroller of Currency to ensure that the banking system remained sound and that individuals and businesses knew that their funds in all banks were safe, secure, and accessible.

Following our letter, the Treasury Secretary Janet Yellen – after receiving a recommendation from the FDIC and the Federal Reserve, and consulting with President Biden – approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank and Signature Bank in a way that fully protected all depositors.

It’s important to know that these actions did not use any taxpayer dollars, did not protect investors and executives at the bank, and cannot be considered a “bailout.”

One of my top priorities is figuring out exactly how these two banks collapsed and how we can avoid additional failures in the future, while ensuring depositors are protected. The last thing we want is for regular people and small businesses to suffer at the hands of the risky decisions of bank executives.

Congress must work with the Administration and regulators to determine what caused the failure of Silicon Valley Bank and Signature Bank. Initial reports suggest these banks had a higher-than-normal amount of uninsured deposits and significant exposure to the technology and cryptocurrency sectors, two sectors that are seeing an economic downturn. Additional questions must be asked of what regulators could have done to more forcefully avert this failure and what additional regulations on banks may be necessary to stem further crises.