Press Release

McHenry Rebukes Biden’s Politicization of Recent Bank Failures

WASHINGTON, D.C.— Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after the White House released a fact sheet politicizing the recent failures of Silicon Valley Bank and Signature Bank.

"The Biden Administration continues to politicizethefailure of SVB and Signature Bankto push long-held progressive priorities unrelated to the causes of the collapses,” said Chairman McHenry. “As we heard from Biden’s own regulators at this week's hearing, supervisory incompetence was the leading cause of the failures.There is no evidence that the original Dodd-Frank would have prevented these bank runs.Additionally, no recent stress test has considered the current economic conditions—most notably the Fed’s rapid rate increases to combat Democrat-induced inflation—that contributed to the fall of these institutions. Instead of giving more authority to regulators who were asleep at the wheel before these bank failures, we should hold them accountable for their inability to utilize their existing supervisory tools.