Congressman Grijalva on Silicon Valley Bank and War in Ukraine
The Silicon Valley Bank collapse has the U.S. banking industry on edge, and Russia’s forcing down a U.S. drone over the Black Sea is raising concerns over America’s commitment to Ukraine in its “fight” against Russia. Arizona Congressman Raul Grijalva joins Ted to discuss these current events.
Grijalva said that he feels the Biden Administration made a very important distinction after the Silicon Valley Bank collapse.
“Assuring the customers and the clients of these financial institutions, of their wholeness, but not necessarily, the stock holders and the cooperate owners of the institution,” said Grijalva. “I think that’s an important distinction.”
However, he said that this practice of “bailing out financial institutions” could lead to issues further down the road.
“Not setting any precedent that sets us on a path where we create a rush on out lending institutions and financial institutions, I think is important,” Grijalva said.
Many conservatives blame the banking failure on “woke policy,” specifically pointing to diversity and inclusion standards. Grijalva does not agree.
“It’s a bloody rag that’s going to be- we’re going to see all the way going into 2024,” said Grijalva. “The reality is, we have lax institutional over sight, and that is the key to it.”
The cause of the bank collapse is becoming a partisan issue. The same thing is happening with the war in Ukraine. Raul Grijalva says he’s surprised this is becoming a partisan issue.
“We need to support Ukraine, and the way that we’re doing that now, humanitarian way and military supplies and training, is essential,” said Grijalva. “The latest provocation on the part of Putin and Russia is a dangerous one.”