(PatrioticPost.com)- As another bank collapses, the Biden administration is facing the blame, according to Just the News. In the last two weeks, Silicon Valley Bank, Signature Bank, and Silvergate have all failed. While the first two are being criticized for their “woke” spending projects, conservatives say that Biden’s environmental, social, and governance (ESG) agenda continues to add to inflation.
Signature Bank invested in volatile cryptocurrency and had $110.4 billion in total assets and $88.6 billion in total deposits at the end of 2022. Mismanagement was found after being shut down by New York State regulators. Following eight months of not having anyone head risk assessment, the bank finally employed someone who was reportedly more concerned with “diversity.”
Silicon Valley Bank was also shut down after a massive selloff devalued it by 40%. Silvergate, by contrast, announced liquidation after its stock plummeted 36%.
Republican Rep. Bryan Steil, a member of the House Financial Services Committee member, told Just the News that rampant government spending was also part of the problem. He pointed to the inflation as causing instability in the economy and then at Democrats for exacerbating the issue by “spending like drunken sailors.”
Biden’s energy policies, he continued to say on John Solomon’s podcast, have declared war on energy. In addition, he claimed that people are on the sidelines as a result of Biden’s labor policies. Steil concluded that the way to bring stability back is to get the president to slow down.
In December, Democrats and Republicans alike passed a $1.7 trillion spending package, according to American Pigeon. Tens of billions went to other countries, including $45 billion to Ukraine and $410 million toward securing the borders of Jordan, Lebanon, Egypt, Tunisia, and Oman.
America First Policy Institute’s Mike Faulkender concurred with Steil and noted that inflation began to rise in March 2021. He observed that in response to skyrocketing inflation which reached 9% in 2022, the Federal Reserve has had to raise interest rates. Banks then incurred losses as a result, prompting the federal government to come in and shut them down before depositors took losses.