{"id":1876008,"date":"2023-03-13T19:14:59","date_gmt":"2023-03-13T23:14:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-rhode-island-pension-fund-to-lose-2-5-million-from-bank-collapse\/"},"modified":"2023-03-13T19:15:54","modified_gmt":"2023-03-13T23:15:54","slug":"svb-collapse-rhode-island-pension-fund-to-lose-2-5-million-from-bank-collapse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-rhode-island-pension-fund-to-lose-2-5-million-from-bank-collapse\/","title":{"rendered":"SVB collapse: Rhode Island pension fund to lose $2.5 million from bank collapse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsvb-collapse-rhode-island-pension-fund-to-lose-2-5-million-from-bank-collapse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1876008&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_78721831\" class=\"brid\" style=\"width:16;height:9\">                                                                                                         <\/div>\n<p> ||[]; _bp.push({ &#8220;div&#8221;: &#8220;Brid_78721831&#8221;, &#8220;obj&#8221;: {&#8220;id&#8221;:&#8221;27789&#8243;,&#8221;width&#8221;:&#8221;16&#8243;,&#8221;height&#8221;:&#8221;9&#8243;,&#8221;video&#8221;:&#8221;1261640&#8243;} });                              <\/p><\/div>\n<\/p><\/div>\n<p><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/rhode-island\" target=\"_blank\" rel=\"noopener\">Rhode Island<\/a> <span class=\"ArticlePage-articleBody-firstLetter\">i<\/span>The company is likely to lose $2.5 Million in the next year <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/pensions\" target=\"_blank\" rel=\"noopener\">Pension fund<\/a> Investing after <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/silicon-valley-bank\" target=\"_blank\" rel=\"noopener\">two banks collapsed<\/a> Last week. <\/p>\n<p>The Rhode Island Employee Retirement System, a state-run investment fund that funds pensions for thousands retired state workers and municipal workers, had $2.6 million invested <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/patriotism-unity\/svb-collapse-the-treasury-must-make-whole-svb-investors\" target=\"_blank\" rel=\"noopener\">Silicon Valley Bank<\/a> Signature Bank, based in New York. In recent days, both banks have failed. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/svb-collapse-not-2008\" target=\"_blank\" rel=\"noopener\">SVB COLLAPSE &#8211; WHITE HOUSE PROMISES &#8220;THIS IS NOT 2008&#8221;<\/a><\/b> <\/p>\n<p>Parts of the $2.6million are also invested in Silvergate Capital and First Republic, two other struggling banks. These funds now amount to $185 535. These funds, however, are only a part of the $10.3 billion state pension fund. <\/p>\n<p>&#8220;ERSRI has had exposure to most of these assets for number of years as part of the Russell 3000 index in the U.S. public equity area,&#8221; Michelle Moreno &#8211; Silva is a spokesperson for James Diossa General Treasurer. <a class=\"Link\" href=\"https:\/\/www.wpri.com\/target-12\/ri-pension-fund-poised-to-lose-2-5-million-after-silicon-valley-bank-collapse\/\">Telled<\/a> WPRI-12 in an Email &#8220;We&#8217;re assuming that there is little value to the assets with the exception of First Republic which is still trading.&#8221; <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE FOR MORE INFORMATION FROM THE WASHINGTON XAMINER<\/a><\/b> <\/p>\n<p>Monday&#8217;s announcement by federal regulators was that depositors will have access to their money via an emergency fund at both banks. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\" target=\"_blank\" rel=\"noopener\">President Joe Biden<\/a> Although the federal government has said that it will not bailout banks, he stated that he would. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-collapse-us-regulators-customer-bail-out-plan\">guaranteed<\/a> SV<\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Read more from <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-rhode-island-pension\">SVB collapse: Rhode Island pension funds to lose $2.5 Million due to bank collapse<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rhode Island is expected to lose nearly $2.5 million in pension fund investments after two banks collapsed last week. The Employee Retirement System of Rhode Island, which is a state-run investment plan that funds pensions for thousands of retired state and municipal workers, had just over $2.6 million invested in Silicon Valley Bank and the<\/p>\n","protected":false},"author":1,"featured_media":1897104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[8595,5373,7385,4338,12269,8870,8186,16935,21356],"class_list":["post-1876008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-2-5","tag-bank","tag-collapse","tag-fund","tag-island","tag-lose","tag-pension","tag-rhode","tag-svb"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1876008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1876008"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1876008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1897104"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1876008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1876008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1876008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}