WASHINGTON, D.C.(March 13, 2023)(CNBNews) - Club for Growth President David McIntosh issued the following statement in reaction to the announcement that the Federal Deposit Insurance Corporation (FDIC) would guarantee Silicon Valley Bank deposits beyond the $250,000 limit.
“The Biden bank bailout results from Biden’s failed economic policies. And it will make things worse – other banks and their customers will pay the price, all Americans will suffer, and mass inflation will reoccur. Organizations that can’t manage risk should be allowed to fail. Taxpayers should not be forced to bail out the well-connected and wealthy because a bank prioritized woke causes above smart investing. Changing the rules after the crash to prop-up liberal investors at taxpayers' expense is pure crony capitalism. The additional regulations being proposed by Biden would only make the situation worse and further consolidate power among the big banks and hurt regional banks that small businesses rely on.” – David McIntosh, Club for Growth, President
WAKE UP, PEOPLE !!!