A group of House Republicans demanded that President Joe Biden investigate ties between the Chinese Communist Party and the failed Silicon Valley Bank (SVB).
The letter, penned Friday by Rep. Rich McCormick (R-GA) and signed by 19 fellow GOP members, said that SVB and a Shanghai-based subsidiary were “indispensable” in financially supporting Beijing’s innovation economy.
House GOP demands Biden reveal China ties to failed bank https://t.co/wgxp70w8Qb
— LaylaTexas77🌹 (@LaylaTexas77) March 25, 2023
Representatives want to determine how Washington’s attempts to restructure SVB may benefit CCP-backed firms with taxpayer dollars.
McCormick told Fox News Digital that “the American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party.”
Their letter also cited four Chinese tech and pharmaceutical companies that held deposits at the collapsed bank totalling $289 million. Federal departments, the legislators charged, “cannot afford to be asleep at the wheel while the CCP finances its companies” with American support.
The representatives went further, noting the recent discovery that members of the Biden family received payouts from Chinese companies. They term it “a matter of vital national interest” to ascertain what influence Beijing has on the White House.
The letter recalled that SVB was founded in 2012 as the “first Sino-American collaborative banking institution. They said it largely focused on delivering funding to Chinese tech startups.
The GOP House members seek answers to questions over which Chinese companies had assets with the bank as well as totals of cash and holdings. Republicans asserted that the institution had over 2,000 Chinese clients and advised “CCP government regulators.”
The letter described that situation as “extremely concerning” and charged it “raises serious questions.” It gave the Biden administration a deadline of April 3 for turning over pertinent documents and answering questions.
Their concerns also extend to the failed bank aiding Chinese businesses to receive U.S. investment and go public in other countries. McCormick said this process worked around regulations on raising funds and listing outside of China.
It is important that House Republicans get to the bottom of the seemingly intimate connections between SVB and China. And with new revelations of the Biden family’s ties to Beijing, it is critical to know exactly who U.S. taxpayer funds will benefit.