“President Biden told advisers late last week that he objected to any prospective aid for the collapsed Silicon Valley Bank that could be cast as a bailout or would reward those who ran the banks or invested in them,” the Washington Post reports.
“By Sunday, the president had agreed to a sweeping intervention that would protect all the bank’s depositors, including large companies. Some Republicans say Biden did what he said he wouldn’t — offer a bailout that rewards the undeserving — but the White House argues that the president’s plan is aimed narrowly at protecting small businesses, nonprofits and thousands of ordinary workers whose jobs were at risk of being wiped out by the bank’s failure.”
“Either way, the president’s private concerns — stemming in part from his belief that the federal government had been too friendly to big banks amid the 2008 financial crisis — highlights the explosive nature of any proposal that is seen as providing federal assistance to wealthy individuals and powerful business groups.”
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