Democrats Bail Out Crooked Banks
These big banks never face justice for their reckless leadership under President Biden.
During a period of financial industry turmoil triggered by multiple bank failures, U.S. banks have taken advantage of a newly introduced Federal Reserve emergency lending program.
According to Fox, the latest report released by the Federal Reserve on Wednesday, banks’ borrowing from the Bank Term Funding Program has surged to $53.7 billion, a significant rise from $11.9 billion recorded just a week earlier. The emergency lending program, introduced on March 12, offers loans to financial institutions like banks and credit unions for a duration of up to a year with attractive terms in exchange for collateral such as government-backed bonds and Treasuries.
The U.S. banking system borrowed an additional $110.2 billion from the discount window, which is a traditional lending facility aimed at providing liquidity. This figure represents a slight decrease from the previous week’s record-setting $152.8 billion, established during the 2008 financial crisis. The discount window offers loans for a maximum period of 90 days.
The Federal Reserve did not disclose the identities of the banks that received the approximately $163.9 billion in funding, nor did it provide information on the number of banks that requested the funding.
In the aftermath of the unexpected downfall of Silicon Valley Bank in March, which was the most significant bank failure in the U.S. since the 2008 global financial crisis, the Federal Reserve has initiated emergency lending.
President Biden and the Democrats have failed big time by not holding these banks accountable. Sadly, the only group of people that suffer from all of this is the American taxpayer.
