A group of Republicans in the House of Representatives are sending a letter to President Biden demanding an investigation into the Chinese Communist Party’s position in the recently-collapsed Silicon Valley Bank.
The GOP lawmakers are seeking to clarify how federal efforts to restructure the bank could benefit CCP-backed companies with taxpayer funds, according to the letter obtained by Fox News Digital on Saturday.
“According to a recent report, a subsidiary branch of the Silicon Valley Bank, the SPD Silicon Valley Bank (SSVB) was a 50-50 joint venture between the Chinese Communist Party (CCP) state-owned Shanghai Pudong Development Bank and SVB Financial,” the letter reads.
BIDEN’S CLIMATE CHANGE ‘ZEALOTRY’ CONTRIBUTED TO SILICON VALLEY BANK COLLAPSE, REPUBLICAN AGs CHARGE
Representative Rich McCormick, a Republican from Georgia, speaks during a House Select Subcommittee on the Coronavirus Pandemic hearing in Washington, DC. (Photographer: Ting Shen/Bloomberg via Getty Images)
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