16 AGs scolded Janet Yellen, Jerome Powell and others for contributing to the failure of SVB by prioritizing Biden’s climate agenda over sound banking practices.
Treasury Secretary Janet Yellen said that under the current agreement, Chinese Communist Party-linked Silicon Valley Bank depositors could be "made whole" by the U.S. banking system.Sixteen Republican attorneys general on Tuesday accused the U.S. Treasury, Federal Reserve, FDIC and Comptroller of the Currency for contributing to the collapse of Silicon Valley Bank by prioritizing President Biden’s climate agenda over sound banking practices.
"Your warping of the financial regulatory system undermines both the safe and sound operation of financial institutions and the public’s faith in the fairness and efficacy of the regulatory regime," they added."We urge you to change course and refocus your efforts on managing actual financial risk." "SVB’s failure is a warning sign that the administration’s environmental activism in its financial regulation not only ignores real financial risk but increases it," Attorney General Reyes told Fox News Digital in a statement."The administration should refocus regulation on true risk and stop pressuring financial institutions to meet impossible net-zero targets."
"If this continues, the financial position of banks will further erode, which weakens the financial system," the AGs said."Banks may be forced to raise additional capital, which may further the perception that the financial system is weak and could ultimately result in a feedback loop of increasing concern that causes real harm to all Americans. This would be the poisoned fruit of your politicization of the financial regulatory function," they wrote.
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