Over the weekend, Rep. Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, offered a message of stability regarding the country's financial security, saying that despite the respective collapses of Silicon Valley Bank and Signature Bank, he had "confidence in our financial regulators and the protections already in place to ensure the safety and soundness of our financial system."
On Monday afternoon, Rep. Monica De La Cruz, R-Texas, a member of the financial services committee, echoed McHenry's market-driven sentiment by telling Newsmax that the American people should know "our banking is safe."
Chairman McHenry "has a lot of great experience and understands this situation very well," said De La Cruz, while appearing on "Spicer & Co." with hosts Sean Spicer and Lyndsay Keith.
De La Cruz might be optimistic about America's financial outlook, but as a safety measure, she also mimicked a popular line from former President Ronald Reagan, as in "trust ... but verify."
As such, De La Cruz maintains the Republican-led Congress needs to conduct investigative oversight into how Silicon Valley Bank and Signature Bank collapsed, seemingly without any major warning signs given to the public.
"Here's the deal: I'm a small business owner, and I know firsthand how important our banks are to our local communities," said De La Cruz.
"The [Federal Deposit Insurance Corporation] is not a bailout system. It's an insurance," noted De La Cruz, while adding the federal assistance being provided to Signature Bank and Silicon Valley Bank was "not a bailout ... it just means the FDIC is in use."
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