The U.S. government’s rescue of Silicon Valley Bank (SVB) shouldn’t benefit the Chinese Communist Party (CCP), House Republicans said in a letter to President Joe Biden.
Republican lawmakers requested an investigation into the CCP’s position in SVB, the California-based financial institution that collapsed earlier this month, to determine if the federal government’s restructuring of the lender could help CCP-supported firms with taxpayer money.
The letter, first obtained by Fox News (pdf), had 19 co-signers and cited reports that SVB’s subsidiary, SPD Silicon Valley Bank, was a 50-50 joint venture between the state-owned Shanghai Pudong Development Bank and SVB Financial. The group of GOP lawmakers is trying to find out what Chinese businesses were connected with SVB and how much of their cash and asset holdings were deposited in the bank….