House Republicans Say SVB Rescue Should Not Benefit China: Letter

The U.S. government’s rescue of Silicon Valley Bank (SVB) should not benefit the Chinese Communist Party (CCP), House Republicans wrote in a letter to President Joe Biden.
GOP lawmakers requested an investigation into the CCP’s position in SVB, the California-based financial institution that collapsed earlier this month, and determine how the federal government’s company restructuring 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 House of Republicans 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….}