by Charlotte Hazard
Florida GOP Rep. Kat Cammack says that there should not be a bank bailout after the recent bank failures because ultimately, the price will fall on the American people.
“There should absolutely never be a bank bailout ever again,” Cammack said on the “John Solomon Reports” podcast. “We saw the failures of that years ago and now we’re staring down the barrel of another meltdown and contagion because there’s poor management.”
Two major banks, Signature Bank and Silicon Valley Bank, failed just two days apart. President Biden said that the American people would not have to fix it with their tax dollars, making some skeptical.
Cammack called the banks out for focusing on liberal causes more than actually managing the money properly.
“They’re more concerned about diversity and equity and inclusion and this ESG nonsense then they are actually getting a return,” she stated.
“You had all these situations that just pointed to the lack of confidence in management at that bank,” Cammack further noted. “Now they’re talking about, ‘Oh, we need to bail them out.’ You can’t bail out the banks.”
The Florida congresswoman also made a few suggestions on what could be done to start to fix the situation, including using pre-existing insurance premiums.
“What they need to do is use those premiums to do what they are meant to do, which is shore up the people who had deposits and accounts, but not a single cent should come from the taxpayers,” Cammack said. “That’s absolutely ridiculous. These bankers got themselves into this mess.”
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Charlotte Hazard is a reporter for Just the News.