The three announced 2024 Republican presidential candidates weighed in over the weekend over the shocking collapse of Silicon Valley Bank (SVB), with former President Trump’s campaign blaming the Biden administration’s “anti-America policies,” and former Ambassador Nikki Haley and entrepreneur Vivek Ramaswamy sounded against a possible taxpayer bailout.
The SVB, which had been the 16th largest bank in the US, based in Santa Clara, California, collapsed last week and is now under the control of federal regulators.
The Federal Deposit Insurance Corporation (FDIC) only insures deposits up to $250,000, and some investors say a government bailout is needed to protect depositors. Deposits insured by FDIC should be available Monday morning, raising fears that a series of withdrawals will trigger a domino effect.
Some liberals blamed Trump for signing a bipartisan bill in 2018 that reversed elements of Dodd-Frank, prompting his campaign to fire back.
Former President Trump speaks at the 2023 New Hampshire Republican State Committee annual meeting, Saturday, January 28, 2023, in Salem, New Hampshire. (AP)
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“Out of control Democrats and the Biden administration have pathetically continued to try to blame President Trump for their failures with desperate lies, such as the CCP spy balloons, the train derailment in eastern Palestine and now the collapse of SVB Trump’s campaign spokesman said. Steven Cheung told Fox News Digital.
“This is nothing more than a sad attempt to mislead the public to avoid responsibility,” he said. “The fact is, Biden has presided over a catastrophic economy that has devastated the ordinary American and caused misery across the country because of his anti-America policies.”
Haley, the former US ambassador to the United Nations, said a corporate bailout should be off the table.
“Taxpayers should absolutely not bail out Silicon Valley Bank,” she tweeted. “Private investors can buy the bank and its assets. It is not the responsibility of the US taxpayer to intervene. De Ni.”
Former U.S. Ambassador to the United Nations Nikki Haley greets people as she announces her candidacy for the 2024 Republican presidential nomination at a campaign event in Charleston, South Carolina, Feb. 15, 2023. (REUTERS/Jonathan Ernst)
Ramaswamy, founder of Roivant Sciences and Strive Asset Management, argued that SVB should be able to go “completely bankrupt” and that the FDIC should raise its guarantee level to avoid a bank run on Monday.
“If you want to avoid a run on other banks, increase the FDIC guarantee,” he tweeted. “But SVB screwed it up by completely ignoring interest rate risk, in two ways – both in terms of customer concentration risk in startups and investing in interest-rate sensitive securities. So did the many startups who happily did business with them. of the American taxpayer to coddle them now.”
Republican presidential nominee Vivek Ramaswamy speaks at a donor conference hosted by the conservative group Club for Growth on March 4, 2023 in Palm Beach, Florida. (Fox news)
Treasury Secretary Janet Yellen said on Sunday the federal government will not bail out SVB, but will help meet the “needs” of depositors who will lose millions after the bank collapsed last week.
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“We’re not going to do that again” Yellen said, referring to bailouts. “But we’re concerned about savers and we’re focused on meeting their needs.”
“I spent the weekend working with our banking regulators to design appropriate policies to address this situation,” she said. “I can’t really give more details at this point, but I really want to emphasize that the US banking system is really safe and well-capitalized. It’s resilient.”
The SVB did not immediately respond to Fox News Digital’s request for comment.
Fox News’ Brooke Singman contributed to this report.
Jessica Chasmar is a digital writer on the Fox News and Fox Business political team. Story tips can be sent to [email protected]