Republicans are divided over who to blame for SVB's collapse, focusing either on 'woke' policies or high inflation. RepJamesComer & GovRonDeSantis quickly blamed 'woke' investments, while SpeakerMcCarthy & Rep PatrickMcHenry pointed to inflation.
Republicans are divided over who to blame for the collapse of Silicon Valley Bank and its effect on the financial sector, focusing either on"woke" bank policies or high inflation and interest rates.
"This bank, they’re so concerned with DEI and politics and all kinds of stuff. I think that really diverted from them focusing on their core mission,” DeSantis told Fox News over the weekend. "The Treasury’s sure fire economic method of saving banks who are divested in ESG and DEI," Greene tweeted on Sunday."And just like that the FDIC limit of $250,000 doesn’t matter anymore."On the other side, some GOP leaders are blaming record-high levels of inflation for the institution's collapse.
Some Republican lawmakers disagreed with politicians using the bank's collapse to push their own opinions forward rather than focusing on the measures taken to prevent a financial crisis. Biden reassured the public the"banking system is safe" and that it should not be worried about its deposits, echoing many that Silicon Valley Bank fell due to improper regulation.
Inflation fell to 4.6% in February, as measured by the producer price index, ahead of the Federal Reserve's decision next week on whether to raise interest rates in the wake of the banking collapse and share declines.
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