Free Trial

GOP Banking Chair Talks Up FDIC, Fed & WH Actions ON SVB in Bipartisan Show


House Financial Services Committee Chair Patrick McHenry (R-NC) speaking on CNBC regarding SVB and the US banking sector. Says that the FDIC and the Biden administration 'are sending the appropriate message' after two bank failures. States that 'Both the FDIC and Federal Reserve are working in accordance with the law'.

  • McHenry: 'As a matter of history, depositors are made whole in the US.'
  • McHenry says he spoke with FDIC chair on Monday night, who said the FDIC is 'ready, willing and able to find a capable bank buyer'.
  • McHenry: 'I want to give confidence to Americans that financial agencies are doing the right thing.'
The comments from McHenry come as a rare show of bipartisan action, indeed other Republicans have criticised the Biden administration for its actions. Senator Tim Scott (R-SC) said the backstopping of SVB depositors represented “a culture of government intervention”.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.