sen. james lankford asked:
It has been reported publicly that SVB had a large number of Chinese investors, including some that are directly connected to the Chinese Communist Party. Will those companies, entities, and investors that are Chinese investors be made whole based on assessments in my banks in Oklahoma? So, what I’m asking is, will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole from Silicon Valley Bank?
Yellen responded, “Uninsured investors will be made whole in that bank and I suppose that could include foreign depositors, but I don’t believe there is any legal basis to discriminate among the uninsured.”
Lankford decried that community banks will have to pay an additional fee to make Chinese investors whole.
The Treasury secretary responded, saying that they are doing what they can to fight off a worsening economic situation.
Yellen said, “If we have a collapse of the banking system and its economic consequences, that will have very severe effects on the banks in Oklahoma.”
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