Latest Development: 2024 Republican Presidential Candidates Weighed In Over The Collapse Of Silicon Valley Bank
The three GOP members, who have declared themselves as a runner for the upcoming 2024 presidential elections, gave out statements this weekend over the downfall of Silicon Valley Bank (SVB)
Previous U.S President Donald Trump’s campaign has criticized Biden’s “anti-America policies.” Moreover, the founder of Roivant Sciences and Strive Asset Management, Vivek Ramaswamy and the previous U.N Ambassador Nikki Haley openly spoke out against a potential taxpayer bailout.
Silicon Valley Bank, situated in Santa Clara, California, was once the 16th-largest in the United States. Last week it experienced financial collapse and is currently being managed by federal regulators.
The Federal Deposit Insurance Corporation (FDIC) affirmed that deposits up to $250,000 are insured.
Few investors are claiming that a government bailout is required to protect depositors.
The deposits that are secured by the FDIC will probably be at hand by Monday, however, sparking worries that a domino effect might get created with the run of withdrawals.
Numerous leftists accused Trump of affirming a two-way legislation back in 2018 that reversed the elements of a 2010 federal law, Dodd-Frank, that improved financial laws during the time of the Great Recession.
Trump’s campaign spokesman, Steven Cheung informed Fox News:
“Out-of-control Democrats and the Biden administration have pathetically continued to try to blame President Trump for their failures with desperate lies, such as the CCP (Chinese Communist Party) spy balloons, the train derailment in East Palestine and now the collapse of SVB.”
“This is nothing more than a sad attempt to gaslight the public to evade responsibility. The fact is that Biden has presided over a catastrophic economy that has devastated everyday Americans and has caused misery across the country due to his anti-America policies.”
“Taxpayers should absolutely not bail out Silicon Valley Bank. Private investors can purchase the bank and its assets. It is not the responsibility of the American taxpayer to step in. The era of big government and corporate bailouts must end.”
Ramaswamy tweeted on Monday:
“If you want to prevent a run on other banks, increase the FDIC guarantee. But SVB screwed up by utterly failing to take interest rate risk into account, in two ways – both in terms of client concentration risk amongst startups and investing in interest rate-sensitive securities. So did the many startups who blithely did business with them. It’s not the U.S. taxpayer’s job to now coddle them.”