Rep. Dan Meuser, R-Pa., lashed out at the Biden administration for blaming most of the country's woes on former President Donald Trump.
Appearing on Newsmax's "Wake Up America" on Tuesday, Meuser, a member of the House Committee on Financial Services, was asked about Biden pointing to the Trump administration for creating problems.
"This administration, as stated to me yesterday by someone I respect, could be the worst administration in the history of the United States," Meuser said. "Every issue is a disaster. Crises are created and then they come in and put Band-Aids on them, from Afghanistan to our energy crisis to Ukraine, to COVID, to China, to the border, obviously.
"The list just goes on. Their response is to blame. It's really sad. It pathetic. And to make matters worse they created this environment as well that has caused Silicon Valley Bank … many banks are struggling. Our banking system is fine, overall. Regional banks, small banks, big banks.
"But because of the crazy policies, inflationary policies and the rapid increase in interest rates, many banks' investment portfolios, which is obviously an important portion of their overall balance sheet, are under water. And so, SVB is not alone there. But SVB was over-leveraged. And to make matters worse, the San Francisco Fed just recently gave them a clean bill of health. They did a regulatory review. This is nuts. This is the 16th largest bank in the country. They should have had a regulator on-site."
Meuser said he had been in touch with a number of banks throughout Pennsylvania.
"All the banks I spoke to yesterday, and I'll be speaking to them against today, throughout Pennsylvania, say the same thing: Their FDIC fees are going to go up to pay for this. There's about $100 billion in the account now. And of course, its an added cost. And so the cost of banking in the U.S., not in China, not in Europe, not elsewhere, but the cost of banking in the U.S., will go up."
Meuser added: "This response was actually necessary because they created this environment. There was no real regulation of this bank, SVP, and we needed to calm any other panics from taking place. But there were other options, better options at their disposal. This administration moves very slowly. I think its pretty obvious. There's no decision-maker. We have a very bad chain of command that sometimes takes days. This one only took about 48 hours. That showed to be too long."
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
© 2026 Newsmax. All rights reserved.