United States Senator Amy Klobuchar (D-MN) says the banking sector in this country is going to be a bit volatile for the time being following the recent collapses of Silicon Valley Bank and Signature Bank.
Senator Amy Klobuchar joined News Talk 830 WCCO’s Chad Hartman to discuss several topics, including the recent banking struggles and meetings between China’s Xi Jinping and Russia’s Vladamir Putin.
“First of all, we know Minnesotans and Americans can continue to be confident in their own bank or credit union,” Klobuchar said about recent concerns in banks.
She says the issue with SVB and Signature Bank is that “97% of their deposits were uninsured” and “bank executives who clearly put personal profits over protecting others’ money, and they have to be held accountable.”
Klobuchar says she was not in favor of rolling back protections on mid-sized banks a few years ago, and that that issue will likely be revisited now that banking is once again following the two bank collapses.
While she says we are in a “volatile” time right now, Klobuchar wants to ensure people know their money is safe because it’s a top priority.
“It’s going to continue to be volatile, but I can tell you Minnesotan’s deposits are safe,” Klobuchar said.
During the interview, Klobuchar also spoke about the recent meeting between Russian and Chinese leaders, saying that as they continue to strengthen their relationship, it’s more important than ever for the U.S. to bolster its allies. One country she would like to see the U.S. grow closer with is India, which she says is reliant on American military equipment in its current border battle with China and is continuing to grow as a nation.
The Senator touched on Russia’s ongoing war in Ukraine, saying that the world’s support for the smaller nation has helped it fight off the invasion. She credited this to the country’s vast ally group, which has rallied behind Ukraine.
“We have an ally group that many would be envious of, and I think you see this with Ukraine outmatched in terms of people outmatched in terms of size has nevertheless pushed Russia back on its heels,” Klobuchar said.
When it comes to the recent meeting between Russia and China, Klobuchar noted that up until this point, China has not been involved in the conflict on either side, something she would like to continue.
While some have speculated that the nation could join the war and back Russia in its invasion, Klobuchar highlighted that China still needs the U.S. and other nations in its ally group, which account for well over 50% of the world’s GDP.
“What China knows is that they need our markets. Yes, we get stuff from them. But, they also need to sell stuff in our markets. So, I would watch for some pivoting as well as they also have relations with the rest of the world,” Klobuchar said.
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