House Speaker Kevin McCarthy (R-CA) said during a House Republican Conference call on Monday night that President Joe Biden’s “failed” fiscal policies and rising interest rates led to the collapse of Silicon Valley Bank, according to a report.
The House Republican Conference held a private call with McCarthy, House Financial Services Committee chairman Rep. Patrick McHenry (R-NC), and Rep. French Hill (R-AR).
McHenry said that Silicon Valley Bank’s collapse was the result of “current social media meets the bank rush scene in ‘It’s a Wonderful Life.’”
Punchbowl News continued:
McHenry also argued that bank management’s pushed for SVB to grow too quickly, and the assets it held were a poor fit for a rising interest rate environment.
Hill, chair of the House Financial Services subcommittee on digital assets, blamed SVB’s failure on a lack of oversight from the San Francisco Fed office. That complaint was echoed by Rep. Andy Barr (R-Ky), chair of the…
