Republican presidential candidate Nikki Haley criticized President Joe Biden on Monday for what she called a “bailout” for Silicon Valley Bank following its recent collapse.
Biden said in a speech on Monday that taxpayers won’t suffer “losses” due to the bank’s collapse, noting that the money would be covered by the Deposit Insurance Fund which is paid into by banks.
“Joe Biden is pretending this isn’t a bailout,” Haley tweeted following Biden’s speech. “It is.”
She added, “Now depositors at healthy banks are forced to subsidize Silicon Valley Bank’s mismanagement. When the Deposit Insurance Fund runs dry, all bank customers are on the hook. That’s a public bailout.”
Haley continued, “Depositors should be paid by selling off Silicon Valley Bank’s assets, not by the public. Taxpayers should not be responsible.”