JD VANCE, Senator for Ohio

WASHINGTON, D.C. – Senator JD Vance (R-OH) questioned witnesses during a hearing of the Senate Committee on Banking, Housing, and Urban Affairs regarding the need to hold banking executives accountable.

Watch Senator Vance’s full exchange here

“In particular, what we’re worried about is you take a situation like Silicon Valley Bank where executives paid themselves out very large amounts of money in the weeks and months leading up to the failure,” said Senator JD Vance. “And what’s especially sick about this, of course, is the taxpayers end up bearing a lot of the risk of that failed decision making. And the executives end up running away like bandits. And that strikes me as an especially unfair way to run a banking system where you can screw things up, pay yourself out fat bonuses, and then taxpayers end up dealing with the downside risk.”