Tensions are rising as the GOP Congress investigates the federal bailout of Silicon Valley Bank and what it means for China and the Biden family.
Republican voices are calling for answers: is there a connection between CCP, Biden Family, and the bailout?
Western Journal reports, Republicans are examining whether a federal bailout of Silicon Valley Bank could give the Chinese Communist Party a financial boost, and whether funds might end up with the Biden family.
As a result of the bank’s collapse earlier this month, the Biden administration has become involved in its restructuring.
However, a group of House Republicans led by Rep. David McCormick of Georgia is concerned that what might appear to be efforts to help the banks’ clients may actually help Chinese firms.
According to a letter McCormick and other Republicans sent President Joe Biden, that raises the question of where bailout funds might end up next, such as in the coffers of the Chinese Communist Party, which borrows money from private businesses to fund government, or in the hands of Biden family members involved in Chinese business deals.
McCormick stated “The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party, 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 role of the bank in helping China was discussed by CNBC earlier this month.
There is a closer connection than ever before. The SPD Silicon Valley Bank was created by Silicon Valley Bank and Shanghai Pudong Development Bank, according to a report by China Briefing.
According to McCormick, that venture is what raised Republican eyebrows.
Rep Mccormick stated “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. 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,”
Republican lawmakers asked whether Federal Deposit Insurance Corporation funds were supporting Chinese companies linked to the Chinese Community Party.
Another far-reaching group worried Republicans – the Biden family. According to congressional investigations, Hunter Biden and other family members have had financial ties to Chinese companies, and they continue to do so.
As a result of recent revelations that Biden family members were paid by Chinese companies through an intermediary associate, the letter expressed concern over this issue. This is a matter of vital national interest. As a result of U.S. government support of SBV, which institutions aligned with the CCP are likely to benefit and what influence they may have on Executive Branch policymaking..”
In this regard, the letter asked whether Biden family members were being paid by companies that would benefit from the federal intervention in the Silicon Valley Bank collapse.
Congress is investigating the federal bailout of Silicon Valley Bank, and asking, who is really profiting from the government interference in this collapse? Could it be that China and the Biden family are taking an unfair advantage? Republican officials suggest there must be something fishy about helping a business without understanding what could become a money laundering scheme for the Chinese Communist Party. The truth must come out on how this bailout funds corruption instead of helping our economy. We must ask if such bad ethics and inflation from making a “quick buck” are worth more than giving Americans their deserved economic stability. It’s time that we discover where the money goes and who is benefiting from this bailout scam!