Real Reason U.S. Banks Are Failing
All signs point to Biden!
According to a report, House Speaker Kevin McCarthy (R-CA) attributed the collapse of Silicon Valley Bank to President Joe Biden’s “failed” fiscal policies and increasing interest rates during a House Republican Conference call held on Monday night.
According to Breitbart, Rep. Kevin McCarthy, along with Rep. Patrick McHenry (R-NC) and Rep. French Hill (R-AR), participated in a private call with the House Republican Conference. The call was focused on financial services.
Rep. Patrick McHenry (R-NC) compared the collapse of Silicon Valley Bank to a scene from the classic film “It’s a Wonderful Life,” where a bank run ensues after a social media frenzy in a statement regarding the matter.
Furthermore, Rep. McHenry contended that Silicon Valley Bank’s management pushed for rapid growth, leading to a mismatch between the assets the bank held and the rising interest rate environment, contributing to its collapse.
Rep. French Hill (R-AR), who chairs the House Financial Services subcommittee on digital assets, faulted the San Francisco Fed office for inadequate oversight, as did Rep. Andy Barr (R-KY), who chairs the subcommittee on financial institutions and monetary policy under the House Financial Services committee, regarding the collapse of Silicon Valley Bank.
McHenry added, “They currently have the tools, and they‘ve used them appropriately to resolve two banks. They acted swiftly and boldly, and I’ve told them more than once that bold action I will absolutely support if it is in the interest of the financial system and in the interest of the American people.”
