Sen. Tom Cotton (R-AR) said that President Joe Biden has refused to say that he won't bail out Chinese investors in Silicon Valley Bank with taxpayer dollars, despite saying that investors in the bank would not be bailed out.
“I pressed the Biden administration today to commit not to bailout Chinese companies with money from Arkansas’s taxpayers, but they refused. Which tells you that’s exactly what President Biden plans to do,” he tweeted Monday.
CNBC reported that SVB had supported many startup companies including some from China.
The bank actually favored Chinese accounts, allowing them to use mobile numbers to start accounts and giving them a week-long vetting process instead of the months-long process for other accounts.
The SVB accounts allowed the Chinese startups to use U.S. investors.
There's no way one taxpayer dollar should go to China, but Biden is so beholden to the Chinese that he will surely try.
It's important to share the news to spread the truth. Most people won't.