Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Republican: Blaming Bank Failures on Deregulation is "Hackish"
Posted
March 31, 2023
Views
23,182
Likes
1,015
Comments
206
Engagement
5.27%
March 31, 2023
23,182
1,015
206
5.27%
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14:25Now PlayingA Republican lawmaker was very offended that anyone might suggest that bank are failing because of deregulation. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"The Republican lawmaker overseeing the House investigation into the ongoing banking crisis told an influential bank lobbying group last week that it was "hackish" to blame deregulation for recent bank failures — including the collapse of an institution that’s been his top individual source of campaign cash.
Rep. Patrick McHenry (R-N.C.), who has received $275,000 in donations since 2013 from executives at Signature Bank, will lead the House Financial Services Committee’s first hearing on Wednesday looking into the sudden failures of Signature Bank and Silicon Valley Bank (SVB) earlier this month.
One key factor in Signature Bank’s collapse was its decision to aggressively pursue cryptocurrency companies’ deposits before the crypto market imploded. McHenry, who benefited last election cycle from nearly $170,000 in spending by a pro-crypto super PAC, has been an avid supporter of the industry, which is built around digital money or assets.
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