Republican presidential candidate Vivek Ramaswamy slammed the Federal Reserve Monday over the collapse of Silicon Valley Bank (SVB) and vowed to reform the institution.
“The Federal Reserve has made deep-seated mistakes in this country over the last several decades by trying to play God. The problem is, they’re not God and they’re playing God with fat fingers and they’re not even getting it right trying to optimize for employment and inflation,” Ramaswamy told Newsmax co-hosts Shaun Kraisman and Emma Rechenberg. “They demonstrated themselves to be completely incapable and totally incompetent, but I also think that this should have never been the job of the Federal Reserve in the first place.”
Federal regulators shut down SVB Friday after its stock price collapsed and customers began a bank run following the financial institution’s disclosure of a $1.8 billion loss on asset sales due to high interest rates, CNBC reported. The British bank HSBC announced it would buy the U.K. arm of SVB for one pound Monday.
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“One of my goals as president is to reform the Federal Reserve to put it back to its function of restoring the dollar as a reliable unit of measurement, which is what the Federal Reserve used to do under Paul Volcker, even in the ’80s and ’90s, until it expanded its scope to this new mission of playing God,” Ramaswamy added. “That’s the real problem that also created a lot of these banking failures that we’re seeing.”
Ramaswamy also noted that SVB was pushing Environmental, Social and Governance (ESG) measures, committing as much as $5 billion to various projects.
“They made a $5 billion commitment last year to sustainable and green operations for a healthier planet without focusing on a healthier balance sheet, but I’ll tell you they knew what they were doing, because you know what, in their hour of need, that’s the virtue signaling that ends up paying off and while I blame Biden, this is really more of a uniparty problem,” Ramaswamy said.
“Many Republicans are also captured by the Silicon Valley donor class, and you know what, we have one set of rules for everyday Americans where we say $250,000 is the maximum,” Ramaswamy continued. “We have one set of rules, then for the likes of Silicon Valley Bank, when things go wrong, those rules go out the window and that’s a problem.”
The Fed did not immediately respond to a request for comment from the Daily Caller News Foundation.
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