Biden’s Handling of Economy Contributed to Banking Crisis, Senate Republicans Say

President Joe Biden’s handling of the national economy “contributed” to the failures of Silicon Valley Bank (SVB) and Signature Bank, Sen. Tim Scott (R-S.C.) said in remarks during a congressional hearing on March 16.
Republicans tied elevated inflation and rising interest rates to the latest string of bank failures as Treasury Secretary Janet Yellen faced questioning from the Senate Finance Committee.
“Biden’s handling of the economy contributed to these bank failures,” Scott stated. “The president’s budget is further evidence of reckless tax and spending that will only exacerbate the highest inflation we’ve seen in 40 years.”
Sen. John Cornyn (R-Texas) told Yellen there have been suggestions that “this was an example of mismanagement at a time of higher interest rates and higher inflation.”…}