The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. Chamber of Commerce’s Center for Capital Markets Competitiveness, said in a statement that “we urge the administration to facilitate a quick acquisition, guaranteeing all bank depositors have access to their cash. Newsom said the goal was to “stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy