House GOP asks Biden to reveal China’s ties to failed bank
House Republicans are pushing President Joe Biden to investigate the Chinese Communist Party’s ties to the collapsed Silicon Valley Bank – and demand that he reveal any Biden family ties to Chinese companies likely to benefit from the federal government’s bailout .
Silicon Valley Bank and a Shanghai-based subsidiary “have played an indispensable role in funding China’s innovation economy,” Rep. Rich McCormick (R-Georgia) wrote to Biden on Friday in a letter signed by 19 of his GOP colleagues, Fox News reported.
The letter listed four Chinese tech and pharmaceutical companies with deposits with SVB totaling $289 million — assets that were shielded by the intervention of the Biden administration.
“The Treasury Department, Federal Reserve, and FDIC cannot afford to sleep behind the wheel while the CCP funds its companies with the backing of American venture capitalists at the expense of American taxpayers,” the lawmakers wrote.
Republicans also pointed to “recent revelations that members of the Biden family received payments from Chinese companies” – calling it a “matter of vital national interest” to find out “what influence they can have on shaping policies of the executive branch”.
The Post reported last week that $1,065,000 from a Chinese energy company was distributed to members of the Biden family — including first son Hunter Biden and sister-in-law-turned-former-lover Hallie Biden — over three months in 2017.
“The American people deserve to know if their government is bailing out companies linked to the Chinese Communist Party,” McCormick told Fox News.
“Joe Biden should respond if his family has received significant payments from companies in China and if his judgment has been influenced as a result.”
New York Post