https://techcrunch.com/2023/03/11/y-combinator-svb-collapse-congress/

Serial entrepreneur and venture capitalist Garry Tan is less than three months into his new job as the CEO of Y Combinator, one of the most famed accelerator programs in tech. And it seems like it’s been an eventful onboarding process thus far. Along with pretty much every other corner of the startup world, YC was also affected by Silicon Valley Bank’s collapse: 30% of companies are exposed through SVB and are at risk of not being able to make payroll, he tweeted Saturday.

The investor called on Congress to act more decisively to save SVB after it was taken over by regulators on Friday. Tan wrote a petition to Secretary Janet Yellen, Chairman Martin J. Gruenberg, Chairman Sherrod Brown and Chairman Patrick McHenry asking “for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.” The petition is signed by over 600 CEOs and founders from companies including Alloy Automation, Atoms, Flutterwave and Brex, whose CEO is currently trying to raise $1 billion over the weekend to provide emergency credit loans.