A group of Republicans in the House of Representatives are sending a letter to President Biden demanding an investigation into the Chinese Communist Party’s position in the recently-collapsed Silicon Valley Bank.
The GOP lawmakers are seeking to clarify how federal efforts to restructure the bank could benefit CCP-backed companies with taxpayer funds, according to the letter obtained by Fox News Digital on Saturday.
“According to a recent report, a subsidiary branch of the Silicon Valley Bank, the SPD Silicon Valley Bank (SSVB) was a 50-50 joint venture between the Chinese Communist Party (CCP) state-owned Shanghai Pudong Development Bank and SVB Financial,” the letter reads.
It continues, “In August 2012, SSVB was founded as the first Sino-American collaborative banking institution, with a primary emphasis on extending loans to Chinese tech startups.”
The House Republicans are demanding answers on what Chinese companies were listed with Silicon Valley Bank, as well as their cash and asset holdings with the bank.
Full Link ( Here )
© CopyRights RawNews1st
