Regulator hires investment bank to sell Silicon Valley Bank assets.

The FDIC has hired Piper Sandler to auction off Silicon Valley Bank after declining bids submitted by other financial institutions in a separate auction held over the weekend. Lawmakers have been pressuring federal officials to outline their long-term plans for the defunct bank since it was shut down by California officials on Friday. The decision to decline bids has frustrated some Congress members who would’ve preferred to see Silicon Valley Bank acquired. Banking regulators and Biden officials ultimately determined that emergency measures to backstop the bank’s uninsured depositors would provide more clarity and calm amid fears of a possible financial contagion.