Lawmakers consider TikTok and Twitter monitoring after SVB collapse.

Lawmakers and federal officials are considering the idea of having bank regulators monitor social media platforms such as TikTok and Twitter for signs of possible bank runs or financial panics. This comes after the recent collapse of Silicon Valley Bank (SVB), which was hastened by online panic and ease of digital banking. Rep. Ritchie Torres has introduced legislation that would require the Financial Stability Oversight Council to monitor social media for any indicators of potential bank runs or financial panics that could threaten the financial stability of the United States. Bank regulators have acknowledged that social media played a role in SVB's failure and that new risks need to be considered and addressed.