As a passionate Republican voter, you know how important it is to stay informed about the latest developments in politics. This week, we’ve learned that Silicon Valley Bank (SVB), a major donor to the activist group “Black Lives Matter,” has gone belly-up and been seized by the Federal Deposit Insurance Corporation (FDIC).
To make matters worse, the Biden administration is stepping in to bail out the failing bank, exposing American taxpayers to significant risk.
SVB’s collapse marks the second-largest bank failure in U.S. history. Although the FDIC shut down the bank to protect its depositors, the government’s intervention has been anything but transparent.
Treasury Secretary Janet Yellen and President Joe Biden have been careful to avoid using the term “bailout” to describe their actions. However, Neil Barofsky, the former Obama administrator who oversaw the Troubled Asset Relief Program, is calling it what it is: a bailout.
This bailout comes with a twist. According to the Claremont Institute, records show that SVB pledged a staggering $74 million to “Black Lives Matter” and related groups. As you may recall, “Black Lives Matter” has faced serious allegations of corruption and mismanagement of funds.
This raises questions about the bank’s priorities, as it appears to have been more focused on advancing left-wing activism than protecting its customers’ deposits.
Will Hild, the executive director of Consumers’ Research, told The Federalist that SVB’s failure “is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers’ deposits.”
He went on to say, “Time after time we see the same pattern: companies that are the most concerned with ESG scores and woke politics do the worst jobs serving their customers.”
But what’s even more concerning is that the Biden administration’s bailout of SVB sets a dangerous precedent. By saving the bank, the administration is essentially rewarding its support for left-wing causes. This “moral hazard” could lead to a domino effect in the banking industry, encouraging other institutions to adopt similar woke policies.
As Republicans, we must remain vigilant and continue to call out these instances of government intervention in the name of left-wing activism.
This is not just about one bank’s failure; it’s about the administration’s ongoing push to spread its Environmental, Society and Governance (ESG) and Diversity, Equity and Inclusion (DEI) initiatives throughout the foundations of American capitalism.
We must stand together and hold the Biden administration accountable for its actions, ensuring that our voices are heard and that our taxpayer dollars are not wasted on bailing out companies that put activism before sound business practices.