Comer: SVB Was ‘Woke Bank,’ Made Loans to ‘Very Risky Ventures’

RUSH TRANSCRIPT Here Elizabeth ░░░░░░░░ it Kelly O Grady ░░░░░░░░ reporting Let s welcome ░░░░░░░░ house oversight chairman James ░░░░░░░░ Congressman you re getting ░░░░░░░░ for saying the collapse ░░░░░░░░ sill Silicon Valley bank ░░░░░░░░ because it was kiss ░░░░░░░░ tracted by its woke ░░░░░░░░ Critics say it s ░░░░░░░░ its bad balance sheet ░░░░░░░░ 10 year paper yielding ░░░░░░░░ 5 They couldn t ░░░░░░░░ 5 What do you ░░░░░░░░ to this criticism Well ░░░░░░░░ think that s part ░░░░░░░░ the criticism Hook I ░░░░░░░░ in the interview look ░░░░░░░░ said in the interview ░░░░░░░░ fox yesterday that they ░░░░░░░░ too heavily in long ░░░░░░░░ treasuries and when interest ░░░░░░░░ rates go up the ░░░░░░░░ of these treasuries go ░░░░░░░░ That was the primary ░░░░░░░░ Secondary they were a ░░░░░░░░ bank If you look ░░░░░░░░ their director of risk ░░░░░░░░ she brags about their ░░░░░░░░ esg portfolio And the ░░░░░░░░ is that a lot ░░░░░░░░ this is fantasyland St ░░░░░░░░ the green new deal ░░░░░░░░ doesn t work It ░░░░░░░░ t pencil out And ░░░░░░░░ you re a bank ░░░░░░░░ insured by the federal ░░░░░░░░ which is the FDIC ░░░░░░░░ responsibility is to grant ░░░░░░░░ to people who can ░░░░░░░░ pay them back not ░░░░░░░░ to people who check ░░░░░░░░ box on a liberal ░░░░░░░░ list And I think ░░░░░░░░ s part of the ░░░░░░░░ I think part of ░░░░░░░░ investment portfolio they made ░░░░░░░░ to very risky ventures ░░░░░░░░ more on their liberal ░░░░░░░░ than on the actual ░░░░░░░░ for that borrower to ░░░░░░░░ the loans back in ░░░░░░░░ to being too heavily ░░░░░░░░ in treasuries Elizabeth it ░░░░░░░░ like they were going ░░░░░░░░ do 5 billion in ░░░░░░░░ to sustainability companies I ░░░░░░░░ we don t even ░░░░░░░░ if