(Republicaninformer.com)- For the third time in a week, a major U.S. financial institution has collapsed, and this time it’s the same one that cut off President Trump’s access to his accounts two years ago because it wouldn’t do business with him after January 6th.
On Sunday, the Federal Reserve, the US Treasury, and the Federal Deposit Insurance Corporation (FDIC) released a statement that said Signature Bank in New York “was closed by its state chartering authority.”
This follows the collapse of SVB Bank and Silvergate, a California-based cryptocurrency exchange.
SVB depositors will have access to all of their money beginning Monday, March 13. Signature Bank has been granted a similar exemption due to systemic risk. Everyone who has money in the bank will get their money back.
As analysts were eager to point out, in January of 2021, Signature stopped financing to Trump and publicly demanded that he quit as president.
“We have never previously spoken on any political topic and plan never to do so again,” Signature said. They said as Americans; they were profoundly disturbed by the rioting and rebellion that occurred in the most holy of Our institutions, the United States Capitol.
The document said they watched the President of the United States supporting the rioters and abstaining from bringing in the National Guard to defend the Congress in discharging its duties – two completely false statements.
The bank continued that it is in the best interests of our country and the American people for Trump to resign as president at this time to guarantee a peaceful transfer of power.
According to the sources, Trump had almost $5 million spread over two accounts at the bank.
The most recent meltdown follows reports about SVB’s equally intense focus on “woke” rules.
Trump has previously said that putting the wrong person in the oval office risks a severe economic collapse like in 1929.
Nevertheless, Treasury Secretary Janet Yellen said on Sunday that the economy is in “excellent health” and that the federal government will not provide any bailouts.