Ohio U.S. Sens. JD Vance and Sherrod Brown may represent the same state in Congress, but their opinions are worlds apart on President Joe Biden’s decision to shore up depositors at a pair of failing banks.
WASHINGTON, D. C. –
“As we work to better understand all of the factors that contributed to the events of the last several days and how to strengthen guardrails for the largest banks, we urge financial regulators to ensure the banking system remains stable, strong and resilient, and depositors’ money is safe,” they continued. “Americans should continue to be confident in their preferred financial institutions in their communities.
Vance said “runaway inflation” and spending by the Biden administration put pressure on many local banks, but said Silicon Valley Bank “got way out over their skis” with a high ratio of uninsured deposits that caused “a massive problem in their balance sheet.” He said the administration could have prevented a bank run without bailing out depositors of Silicon Valley and Signature banks
“I guarantee that they’re not going to bail out some of these farmers and local credit unions if they suffer financial problems, because they’re just not going to treat them the same,” Vance continued. “You’ve got to tell people, proactively, you cannot change the rules after the game has already been played.to bail out a lot of donors and Democratic special interests. That’s exactly what we just did.
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