The failure of Silicon Valley Bank (SVB) and Signature Bank, in the opinion of Rep. Gary Palmer (R-AL), chairman of the House Policy Committee, was partly due to a concentration on the so-called woke agenda rather than the traditional responsibilities of banks.

While acknowledging there might be consequences, Palmer told FM Talk 106.5 in Mobile, AL, he did not think there was a solvency concern.

“First of all,” he declared, “This is not a solvency concern. The problem is one of liquidity. It won’t cause a bank run, in my opinion, but there will be some consequences anyway. I believe that the market is quite wary of this.

The Alabama congressman cited SVB’s political inclinations as evidence that they appeared to come before duties within the financial firm.

Palmer said, “What happened with Silicon Valley Bank was a handful of things that, frankly, were inconceivable to me. “First of all, the bank was without a risk management employee for nine months. Then, only one of their board of directors’ members had any prior banking expertise. Their governing body was founded on inclusiveness, equity, and diversity. They were choosing terrible management strategies. They gave Black Lives Matter more than $70 million. The Silicon Valley Bank was arguably the top financial institution in the nation lending money to green new deal-style businesses that were known for never, if ever, being able to earn a profit. They eventually had a significant liquidity issue, and similar problems are present at the Signature Bank.”

“The management of the assets of the customers who were banking with them was less important than advancing this woke agenda,” he continued.

Whistleblowers have told  James Comer (R-KY), Chair of the House Oversight Committee that President Biden has indirectly profited financially from the Biden family business, prompting speculation over whether Joe Biden is included in the family’s off-the-books business dealings.

The Biden family firm, according to Comer, includes a large number of organizations (LLCs) that are “paying for stuff for Joe Biden.” The intricate web of financial activity starts with overseas organizations and spreads to the family’s business partners. These family members transfer the funds to family-run accounts, which are used to finance Joe Biden’s “stuff.”

Comer revealed to Just the News that “one of the things that every one of our whistleblowers have informed us is that they all were — through these LLCs — paying for stuff for Joe Biden. So, you know, that’s pretty curious.”

Despite 17 pieces of evidence suggesting Joe Biden may have had a significant influence over his son Hunter’s and brother James’s activities, Joe Biden and his staff have stated at least seven times that the president has not been active in the family business. Polling indicates that 58 percent of voters think Joe Biden has been involved in his family’s business.

“Because many of the people who provided this money to the LLCs, which subsequently delivered it to the Bidens, were met with by Joe Biden, particularly during the final year of his vice presidency,” Comer said that “Joe Biden would be unable to claim ignorance of his family’s business dealings. Thus, Biden was aware of the scheme. But we’re interested in knowing whether he gained anything personally. We know that his family did. But we’re looking at whether he directly benefited.”

Comer said that the funding for the Biden family’s LLCs comes from rival nations rather than allies like Australia, Canada, or the United Kingdom.

He continued, “It really doesn’t make sense for this family to get these enormous sums of money from our enemies. They aren’t working with Canada. They aren’t working with regular European Union nations; they’re not dealing with Europeans. They are negotiating with nations including the United Arab Emirates, China, and Russia. The oddity of some of the nations doing business with the Bidens is apparent.”

Yet, correspondence between the family and their allies implies that Joe Biden was written into one off-the-books contract with China for a 10% stake. It has been questioned if Joe Biden has any off-the-books stake in the family’s commercial deals.

According to former Utah U.S. attorney Brett Tolman, the financial activity of the Biden family may expose the essence of the family’s corporate enterprise, which may entail “predicates” for racketeering crimes.

As its largest shareholder stated it would “absolutely not” provide extra help, Credit Suisse’s shares dropped by more than 20% on Wednesday, and the price of insurance against default on its bonds increased.

Shares reached a record low as a result of the decrease. For three months, the stock has been under pressure due to worries about the bank’s viability and health.

When questioned if the Saudi bank was available to additional capital injections, the head of Saudi National Bank, Credit Suisse’s largest shareholder, made some comments that appeared to be the catalyst for the most recent sell-off.

In an interview with Bloomberg TV, Chairman Ammar Al Khudairy stated, “The answer is certainly not, for numerous reasons outside of the simplest issue, which is statutory and regulatory.”

Increasing the share held by his bank in Credit Suisse, according to Al Khudairy, would result in an unwelcome regulatory burden under Saudi, Swiss, and European law.

“If we exceed 10%, all additional regulations—whether they come from our regulator, the European regulator, or the Swiss regulator—begin to apply. We don’t want to enter a new regulatory system.”

He added that there were five or six further reasons, but he did not say what they may be.

Fears of major financial hardship were evident by a dramatic decline in the bank’s “bail-in bonds,” which are wiped out if the bank runs out of risk capital and serve as a fallback cushion against losses.

Axel Lehmann, chairman of Credit Suisse, stated on Wednesday that the firm did not require government assistance because its balance sheet and capital were robust. According to the Wall Street Journal, he said that “all hands are on deck” to handle the problem. Ulrich Koerner, the bank’s chief executive, stated on Tuesday that the institution was in good financial standing with a liquidity coverage ratio of roughly 150%.

Investors didn’t seem to be calmed by these statements.

The bank announced a sophisticated recovery strategy months ago that calls for spinning off their investment banking division and concentrating on its wealth management operations. Wealth management companies are valued by investors at greater multiples versus investment banking companies since the former’s earnings are thought to be more consistent and less likely to result in unforeseen losses.

Senator Tom Cotton (R-AR) said in a tweet on Monday that the Biden administration had failed to promise not to use taxpayer money to rescue Chinese firms that had invested in Silicon Valley Bank (SVB).

Cotton tweeted, “It’s generally documented that SVB routed American money into Chinese enterprises.”

“Today, I asked the Biden administration to promise not to utilize public money from Arkansas to rescue Chinese corporations, but they refused. Which tells you President Biden intends to do exactly that,” he continued.

According to a CNBC story, Silicon Valley Bank had helped numerous start-up businesses, including Chinese businesses.

The bank reportedly permitted the use of Chinese mobile numbers for opening accounts and permitted a week-long screening period for new accounts for start-ups as opposed to the three to six months required by regular banks.

According to the research, these China-based start-ups were able to access funding from American investors thanks to their SVB bank accounts.

According to the report, Everest Pharmaceuticals, a Chinese biotech company, hopes to recover most of its bank deposits through the FDIC of the United States.

Chinese businesses scrambled over the weekend to convince their clients and investors that their exposure to the SVB collapse is minor or that they’ve got enough funds available to withstand any loss of access to their SVB money, as Breitbart News’ John Hayward reported on Monday.

On Sunday, Treasury Secretary Janet Yellen stated that although the Federal Reserve was moving to establish an emergency lending program for banks, the federal government would not provide financial assistance to the bank’s owners and investors. “The US banking sector,” she asserted on CBS’s Meet the Nation, “is truly safe, well-capitalized, and resilient.”

In a brief address on Monday, President Joe Biden sought to reassure Americans that the US banking sector is secure.

President Biden cited the “great economic gains” made by his government over the previous two years while blaming the Trump administration for the weekend failures of Silicon Valley Bank and Signature Bank.

“In order to prevent a repeat of the 2008 financial crisis, strict requirements for banks were implemented during the Obama-Biden administration. Unfortunately, some of these criteria were pulled back by the previous administration,” speaking from the Roosevelt Room in the White House, Biden noted.

Biden continued by assuring the public that their deposits are secure and that the financial burden will not fall on the taxpayer. The Wall Street Journal editorial board, as TheBlaze previously pointed out, claimed that the Fed’s loans to large banks and the guarantees for uninsured deposits held by tech magnates amount to “a de facto bailout of the banking system, even though regulators and Biden officials have all been telling everyone that the economy is flourishing and that there’s nothing to worry about.”

“The financial system is secure. Your deposits will be accessible whenever you need them,” Biden stated, before evading reporters’ queries and traveling to California.

Additionally, Biden added, “Customers who had funds in these banks may feel more secure knowing they’ll be safeguarded and that they’ll have access to their money today.”

“Taxpayers won’t incur any losses,” according to Biden. “The funds will instead be obtained from the fees that the banks contribute to the insurance deposit fund.”

“The managers of the impacted banks will be terminated,” according to Biden.

“The people in charge of the bank “should not work there any longer if the FDIC takes it over,” he said.

Biden added, “That’s how capitalism works,” explaining why the investors in the banks, who consciously accepted a risk that did not pay off, will not receive protection.

A “complete accounting of what happened and why,” stressed Biden, adding that those responsible must be held accountable. Additionally, Biden stated that he would encourage Congress to enact stricter banking laws in order to reduce the likelihood of further bank failures.

On Friday, regulators closed Silicon Valley Bank due to liquidity issues. Regulators also shut down the cryptocurrency-focused Signature Bank on Sunday.

Financial institutions Silicon Valley Bank and Signature Bank, according to Treasury Secretary Janet Yellen, won’t get bailouts like they did in 2008.

However, in a joint report from Yellen, Federal Reserve Board Chair Jerome H. Powell, as well as FDIC Chairman Martin Gruenberg that same day, officials said that depositors will have access to “all their funds” starting Monday.

Biden’s roughly five-minute speech came to a close with some analysis of the state of the economy. He specifically asserted that his track record for creating jobs, unemployment rates, take-home income, and requests for new business start-ups all point to “solid economic progress.”