Hawley bill to protect customers and community banks after SVB bailout

Ty AlbrightMarch 13, 2023

Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.

Missouri US Senator Josh Hawley says he is introducing legislation that will exempt responsible community banks from the “special fees” to bail out the California billionaires.

“Now we learn the Biden Admin will impose “special assessments” (= fees) on banks across the country to pay for the SVB bailout. No way MO customers are paying for a woke bailout. I will introduce legislation preventing any bank from passing these fees on to customers,” tweeted Hawley.

Senator Hawley also criticized the taxpayer handout to SVB.

So these SVB guys spend all their time funding woke garbage (“climate change solutions”) rather than actual banking and now want a handout from taxpayers to save them,” continued Hawley. “What’s basically happened with these “special assessments” to cover SVB is the Biden Admin has found a way to make taxpayers pay for a bailout without taking a vote on it.”

The Associated Press contributed to this report

Ty AlbrightMarch 13, 2023