(TheRedWire.com) – Over the weekend all three of the Republican 2024 presidential candidates who have already launched their campaigns reacted to the news of Silicon Valley Bank (SVB) collapsing.
In his comments, former President Donald Trump stated that the collapse was because of the Biden administration’s “anti-America policies,” while former U.N. Ambassador Nikki Haley and entrepreneur Vivek Ramaswamy both spoke against the possibility of a bailout.
SVB had been the 16th-largest bank in the U.S. and was based in Santa Clara, California. However, as of last week, the bank is now under the control of federal regulators following the collapse of the bank.
Currently, the Federal Deposit Insurance Corporation (FDIC) only insures deposits up to $250,000, which is why some investors are calling on the government for a bailout so that depositors will be protected. Deposits insured by FDIC are scheduled to be available by Monday morning, however many are worried that the withdrawals are going to lead to a domino effect.
Liberals have put some of the blame for the collapse on Trump for signing a bipartisan bill in 2018 that allowed for the Dodd-Frank legislation to have certain elements rolled back. The 2010 federal law reformed many of the financial regulations that had been put in place following the Great Recession.
Trump campaign spokesman Steven Cheung told Fox News Digital that Democrats were trying to push the blame for their failures onto former President Donald Trump. He added that they regularly do that with “desperate lies, such as the CCP (Chinese Communist Party) spy balloons, the train derailment in East Palestine, and now the collapse of SVB.”
Copyright 2023, TheRedWire.com