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

TRANSCRIPT:

COMER: "Well, I think that’s part of the criticism. Look, I said in the interview on FOX yesterday that they invested too heavily in long-term treasuries, and when interest rates go up, the value of these treasuries go down. So, that was the primary reason. Secondary, they were a woke bank. If you look at their director of risk management, she brags about their diversified ESG portfolio. And the problem is that a lot of this is fantasyland. It's like the Green New Deal, it doesn’t work, it doesn’t pencil out. And if you’re a bank being insured by the federal government, which is the FDIC, your responsibility is to grant loans to people who can actually pay them back, not just to people who check a box on a liberal wish list. And I think that’s part of the problem. I think part of their investment portfolio, they made loans to very risky ventures based more on their liberal wokeness than on the actual ability for that borrower to pay the loans back, in addition to being too heavily invested in treasuries."