House Republicans demand Biden answer on Chinese ties to collapsed Silicon Valley BankRepublican lawmakers tell Biden that Silicon Valley Bank rescue should not benefit Chinese Communist Party
Washington,
March 25, 2023
By Timothy H.J. Nerozzi | Fox News 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. It continues, "In August 2012, SSVB was founded as the first Sino-American collaborative banking institution, with a primary emphasis on extending loans to Chinese tech startups." The House Republicans are demanding answers on what Chinese companies were listed with Silicon Valley Bank, as well as their cash and asset holdings with the bank. The signees express concern that a federal bailout of the collapsed financial institution could end up helping CCP-backed entities. "The fact that both SSVB and SVB have played an indispensable role in financing China’s innovation economy, serving over 2,000 clients and advising CCP government regulators is extremely concerning and raises serious questions," the letter reads. "SVB is reported to assist Chinese businesses in obtaining American investment or going public abroad, thereby circumventing restrictions on raising funds and listing outside of China." Additionally, the letter seeks clarification on any financial connections between members of the Biden family and Chinese companies with holdings in Silicon Valley Bank. "Furthermore, recent revelations that members of the Biden family have received payments from Chinese companies through an intermediary associate make it a matter of vital national interest to determine which institutions aligned with the CCP stand to benefit from the U.S. government’s support of SBV, and what influence they may have on Executive Branch policymaking as a result," the lawmakers write. The letter was drafted by Republican Rep. Rich McCormick. "The Department of the Treasury, Federal Reserve, and FDIC cannot afford to be asleep at the wheel while the CCP finances its companies with the support of U.S. venture capitalists at the expense of American taxpayers," the letter concluded. The letter has 19 co-signers, according to McCormick's office — Reps. Eli Crane, W. Gregory Steube, Barry Loudermilk, Mike Collins, Rick Crawford, Ryan Zinke, Troy E. Nehls, Tom Tiffany, Mark Amodei, Doug Lamborn, Rick W. Allen, Lauren Boebert, Austin Scott, Andy Ogles, Ralph Norman, Tim Burchett, Harriet Hageman, Joe Wilson, Andy Biggs "The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party," McCormick told Fox News Digital. The representative added, "Joe Biden should answer whether his family has received large payments from companies in China, and whether his judgment was influenced as a result. American tax dollars should not go to our global adversaries, period." The lawmakers gave Biden an April 3 deadline for the provision of relevant documents and requested answers. |
