Last Updated on March 13, 2023
GOP Speaker of the House Kevin McCarthy and two of his senior aides have been implicated in the collapse of the left-wing Silicon Valley Bank that’s kicked off fears of a renewed financial crisis.
The two former high-ranking aides to House Speaker Kevin McCarthy (R-CA) are among Silicon Valley Bank’s top registered lobbyists and campaigned in Washington for bank-friendly, bipartisanly-supported rollbacks of Dodd-Frank that have been credited with helping to egg on the bank’s meltdown.
The two staffers, Brian Worth and Wes McClelland, each spent multiple years working for Kevin McCarthy, whose long been tied to various Big Tech industries in and around Silicon Valley, in his native state of California.
Worth served as McCarthy’s coalition director from January 2011 to May 2014 and, since 2017, has been lobbying for Silicon Valley Bank.
McClelland worked as both a policy advisor and a senior policy advisor for McCarthy from April 2011 to September 2015, before joining up with the lobbying group promoting Silicon Valley Bank last year.
At the time of its official collapse on March 10th, Silicon Valley Bank was the sixteenth largest banking operation in the United States and its collapse marks the second-largest in American history. It was also one of the most openly left-wing banks in the country, taking on a leading role in the “woke capital” ESG movement.
Silicon Valley Bank’s collapse has kicked off fears of a renewed financial crisis, akin to that of 2008 which saw the US federal government use taxpayer money to provide failed banks with unprecedented bailouts. Much of that taxpayer money was then routed straight into the pockets of the bankers which caused their institutions to collapse in the first place, in the form of “bonuses.”
The revelation that Kevin McCarthy is tied to Silicon Valley Bank comes on the heels of National File’s reporting in 2022, which tied Kevin McCarthy to the corrupt FTX cryptocurrency exchange and its GOP bagman, Ryan Salame.
McCarthy, along with his Congressional Leadership Fund political machine, used millions of dollars worth of FTX donations to attack America First candidates for Congress and promote the campaigns of his establishment allies. Among those most notably attacked by Kevin McCarthy’s FTX cash were Laura Loomer, Jarome Bell, and Joe Kent.