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Washington – Today, Representative Virginia Foxx (R-NC) issued the following statement on the federal bailout of millionaire depositors at Silicon Valley Bank:

“Despite the assurances of President Biden, his administration is leaning into a backdoor bailout of Silicon Valley Bank, which is grounded in woke, ESG-style strategies. The actions taken thus far skew towards the wealthy and can only come about through socializing the risks in our financial system. While Americans and policymakers need to remain levelheaded, we also must be clear-eyed about the administration’s current path - one that proliferates the moral hazard of supporting the investments of millionaires while average Americans see their portfolios drop due to no fault of their own. The bill has come due for the bank’s decisions and the administrations’ bad policies, but the Biden administration would rather let its own fiscal psychosis run rampant than heed the warning signs that have existed for years.”