House Republicans are pushing President Joe Biden to investigate the Chinese Communist Party’s ties to the collapsed Silicon Valley Bank – and demanding that he reveal any Biden family connections with Chinese companies set to benefit from the federal government’s bailout.
Silicon Valley Bank and a Shanghai-based subsidiary “played an indispensable role in financing China’s innovation economy,” Rep. Rich McCormick (R-Georgia) wrote to Biden Friday in a letter signed by 19 of his GOP colleagues, Fox News reported.
The letter listed four Chinese tech and pharmaceutical companies with deposits at SVB totaling $289 million — assets that have been protected by the Biden administration’s intervention.
“The Department of the Treasury, Federal Reserve, and FDIC cannot afford to be asleep at the wheel while the CCP finances its companies with the support of U.S. venture capitalists at the expense of American taxpayers,” the lawmakers wrote.
The Republicans also pointed to “recent revelations that members of the Biden family have received payments from Chinese companies” — calling it “a matter of vital national interest” to find out “what influence they may have on Executive Branch policymaking.”
The Post reported last week that $1,065,000 from a Chinese energy company was doled out to Biden family members — including first son Hunter Biden and his sister-in-law-turned-former lover Hallie Biden — over three months in 2017.
“The American people deserve to know whether their government is bailing out companies connected to the Chinese Communist Party,” McCormick told Fox News.
“Joe Biden should answer whether his family has received large payments from companies in China, and whether his judgment was influenced as a result.”