Republican AGs blame Biden's climate policies for bank collapse

Sixteen Republican attorneys general accused the U.S. Treasury, Federal Reserve, FDIC, and Comptroller of the Currency of contributing to the collapse of Silicon Valley Bank (SVB) by prioritizing President Biden’s climate agenda over sound banking practices. They detailed the Biden administration's directive to banks to give climate-related risks special treatment and to downplay investment in traditional energy infrastructure, factors that they say led to the demise of SVB and possible other financial institutions in the future. The AGs charged that the federal leaders’ "lack of focus on true systemic and prudential risk issues creates concern about the health of the financial system in general, as investors have fled bank stocks in recent days."