Treasury Secretary Janet Yellen admitted during a Thursday Congressional hearing that Chinese Communist Party-linked businesses that had deposits in Silicon Valley Bank (SVB) will be made whole by the American banking system.
Senator James Lankford (R., Okla.) pressed Yellen on the matter during a Senate Finance Committee hearing held days after Silicon Valley Bank collapsed.
“It has been reported publicly that SVB had a large number of Chinese investors that are there including some companies that were directly connected to the Chinese Communist Party,” Senator Lankford (R., Okla.) asked Yellen during Thursday afternoon’s hearing. “So what I’m asking is: will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole in Silicon Valley Bank?”
Secretary Yellen confirmed that they would.
Or as America’s Newspaper of Record reported: Man Struggling To Feed Family Just Glad He Could Help Bail Out Bank.