Silicon Valley Bank (SVB) crashed on Friday and sent shockwaves throughout the economy.
SVB is the biggest bank to fail since the financial system nearly collapsed in 2008.
And Ron DeSantis told Fox News viewers one brutal truth about Silicon Valley Bank (SVB) that Democrats refuse to admit.
Silicon Valley Bank (SVB) was the 16th largest bank in the United States and served as a major player in the tech industry.
However, financial regulators shut down SBV on Friday, marking the largest failure of a banking institution since the 2008 financial crisis.
SVB’s collapse, followed by New York state regulators taking over Signature Bank on Sunday, set off a wave of fear about whether the fallout will spread to other major banks in the coming days and weeks.
As usual, Democrats and the left-wing media are already trying to pin the blame on Donald Trump by claiming he weakened regulations on the banking industry during his four years in office.
“Let’s be clear,” a statement from Bernie Sanders read. “The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed.”
But Florida Governor Ron DeSantis is setting the record straight and calling attention to the real reason why SVB collapsed.
During an interview Sunday on Fox News Channel’s Sunday Morning Futures, DeSantis said executives at SVB were more concerned with woke politics instead of “focusing on their core mission.”
“So, I don’t have any specific information about any Florida Bank similar to Silicon Valley Bank, and hopefully, that remains the case,” DeSantis said when asked if any banks in the Sunshine State were facing similar disasters.
“I mean, this bank, they’re so concerned with DEI and politics and all kinds of stuff,” DeSantis continued. “I think that really diverted them from focusing on their core mission.”
DeSantis said too few regulations were not the problem like Democrats were trying to claim.
“I also look at it and say, we have such a morass of federal regulations,” he said. “We have a massive federal bureaucracy, and yet they never seem to be able to be there when we need them to be able to prevent something like this. And so we’ll see what they do going into tomorrow. But I think it’s just very disappointing.”
According to a page on SVB’s website, they do promise Diversity, Equity, and Inclusion initiatives.
“We are intentionally and strategically working for a world where every client and employee has the opportunity to bring their bold ideas to life,” SVB’s website read. “We also know that diverse perspectives and inclusive environments ignite new ideas to power innovation. That is why we’re building a culture of belonging with a global workforce that celebrates greater dimensions of diversity and reflects the markets we strive to serve.”
Ron DeSantis saw the writing on the wall several months ago about the Left’s DEI investment strategies.
“We are also going to eliminate all DEI and CRT bureaucracies in the state of Florida,” DeSantis said at a press conference. “No funding – and that will wither on the vine.”
The Left’s woke ideology is destroying the country.
But in Florida, Ron DeSantis is protecting the people from the consequences of the woke insanity.
DeSantis Daily will keep you up-to-date on any new developments in this ongoing story.
