FIRST PUBLISHED BY THE FLORIDIAN PRESS
By Jackson Bakich
Representative Cory Mills (R-FL) recently made an appearance on Fox Business to discuss the recent failures of the Silicon Valley Bank (SVB) and Signature Bank as government regulators (The Federal Reserve, The Federal Deposit Insurance Corp., and the Treasury Department) have stepped in and stated that the depositors will have full access to their accounts.
“We certainly need to look at certain regulations to ensure the safety of individuals who are depositors. I think when it comes to investors, they’re kind of at their own risk…The co-founder of Home Depot, Bernie Marcus, really hit on this: our banking is something that we should be looking at very highly as well; what their actual risk lending procedures are,” said Rep. Mills.
Mills would also speak on the fact that the actions taken by the higher-ups of banks such as SVB are eerily similar to the 2008 recession and the lack of “necessary wording” has allowed those at the top to still benefit from their failures.
“What really disturbs me is two things: we saw what happened in the 2008 recession, where we bailed out tons of banks, tons of investment lenders, and instead of putting the necessary wording in place, they were rewarding themselves with bonuses and payouts for the failure.”
He would go on to mention what transpired just days ago.
“We saw this with the recent CEO of Silicon Valley Bank where he just cashed out with almost two and a half million dollars in profits knowing the bank was in failure. Why wasn’t his first thing to do to alert the depositors and alert his clients and patrons as opposed to thinking about his own independent wealth and bonuses for everyone who’s in the bank for failure?” said Mills.
These events have without a doubt triggered the fear of depositors, bankers, and investors around the nation, and especially those on Wall Street, as some bank stocks have fallen as low as 60%.
However, Rep. Mills believes that the taxpayer should not foot “one dime” towards any bailout.
“Not one dime of taxpayer money for bailouts. Plain and simple. We are here to serve the people,” stated Mills.
This is a developing story.