The demise of San Francisco’s Silicon Valley Bank (SVB) united deeply divided American Democrats and Republicans in one goal: to raise money through the news. The Bloomberg news agency writes it.
According to Bloomberg, members of Congress and presidential candidates from both camps have sent dozens of emails asking recipients for money since Silicon Valley Bank went bankrupt. The emails also ask for petitions to be signed to enact banking system reforms and set up bank bailouts. In addition, partisan indignation is expressed.
Criticism
For example, Congresswoman Pramila Jayapal, a progressive Democrat, criticizes the leaders of Silicon Valley Bank by mail. She writes: “They gambled, mismanaged their risks, yet they will go unpunished.” She also blamed Republicans for a 2018 law that exempted midsize banks like SVB from some of the rules imposed by an earlier major overhaul of financial sector regulations.
The Republicans, however, have targeted President Joe Biden. Wisconsin Senator Ron Johnson tells his supporters that the current banking turmoil is being caused by raising interest rates to fight inflation. According to him, this high inflation was caused by the Biden government’s massive spending. The senator also asked his supporters to help meet his obligations from his 2022 campaign.
Way to raise money
The varying tone of the emails, according to Bloomberg, shows that lawmakers disagree on the causes or solutions to many crises. But also that neither side misses an opportunity to use it as a fundraising opportunity. Most of the emails are about SVB, which the FDIC is now looking to sell, but some are also about Signature Bank, another medium-sized bank taken over by regulators around the same time.
According to Pundit Analytics, which tracks emails, Facebook ads and social media posts from US elected officials and candidates, the first messages arrived on March 12. It was hours before the Federal Reserve, the FDIC and the US bank’s Treasury Department issued a joint statement guaranteeing that Silicon Valley Bank depositors would be compensated.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
