A group of Republican lawmakers in the House of Representatives are preparing to send a letter to President Biden, urging him to initiate an investigation into the role of the Chinese Communist Party in the downfall of Silicon Valley Bank.
According to a letter obtained by Fox News Digital on Saturday, the Republican lawmakers aim to determine whether taxpayer funds utilized in the federal restructuring of the Silicon Valley Bank could potentially benefit corporations backed by the Chinese Communist Party.
“According to a recent report, a subsidiary branch of the Silicon Valley Bank, the SPD Silicon Valley Bank (SSVB) was a 50-50 joint venture between the Chinese Communist Party (CCP) state-owned Shanghai Pudong Development Bank and SVB Financial,” the letter states.
It then goes on to say, “In August 2012, SSVB was founded as the first Sino-American collaborative banking institution, with a primary emphasis on extending loans to Chinese tech startups.”
The GOP members in the House are requesting information regarding the identities of Chinese corporations that were associated with Silicon Valley Bank, as well as their cash and asset holdings within the institution.
The lawmakers who signed the letter have voiced apprehension that a federal rescue package for the failed financial institution might inadvertently benefit companies affiliated with the Chinese Communist Party.
The letter goes on to say, “The fact that both SSVB and SVB have played an indispensable role in financing China’s innovation economy, serving over 2,000 clients and advising CCP government regulators is extremely concerning and raises serious questions. SVB is reported to assist Chinese businesses in obtaining American investment or going public abroad, thereby circumventing restrictions on raising funds and listing outside of China.”
Furthermore, the letter requests transparency regarding any financial ties between the Biden family and Chinese corporations that possess stakes in Silicon Valley Bank.
Rep. Rich McCormick (R-GA) was responsible for drafting the letter.
“The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party. Joe Biden should answer whether his family has received large payments from companies in China and whether his judgment was influenced as a result. American tax dollars should not go to our global adversaries, period,” McCormick said in an interview with Fox News.
Did Janet Yellen’s bailout of Silicon Valley Bank also bailout CCP startup companies that could become the next Huawei or TikTok? It sure looks that way and I’m asking questions. https://t.co/B1STglsEx8
— Dr. Rich McCormick for Congress (@RichforGA) March 25, 2023
The lawmakers set a deadline of April 3 for the submission of pertinent documents and requested responses from President Biden.