House Republicans Say SVB Rescue Shouldn’t Benefit China

House Republicans Say SVB Rescue Shouldn’t Benefit China
A Silicon Valley Bank office in Tempe, Ariz., on March 14, 2023. Rebecca Noble/AFP via Getty Images
Andrew Moran
Updated:
0:00

The U.S. government’s rescue of Silicon Valley Bank (SVB) shouldn’t benefit the Chinese Communist Party (CCP), House Republicans said in a letter to President Joe Biden.

Republican lawmakers requested an investigation into the CCP’s position in SVB, the California-based financial institution that collapsed earlier this month, to determine if the federal government’s restructuring of the lender could help CCP-supported firms with taxpayer money.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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