Rep. Pete Sessions, R-Texas, told Newsmax the Biden administration is harming capitalism by placing huge risks on people and institutions.
Sessions made his comments during an interview on Friday's "National Report."
A House committee is set to hear testimony from banking regulators on the recent collapse of several banks next week.
"We expect to hear a number of things, including that they, the regulators, were lax in preparing themselves for this problem," Sessions said.
"But the overall feeling that still proceeds all of this is that the Biden administration is placing huge financial risks on not just people, but on institutions in this country. And that harms capitalism and the growth that we have."
Meanwhile, Sessions also said he supports banning TikTok. His remarks came after the social app's CEO Shou Zi Chew testified before a congressional committee on Thursday.
"The bottom line is it's the Communist Party," he said. "It's Chinese aggression against the United States of America. And I join with those other states that have banned this TikTok. I did not believe they were convincing [at the hearing] even though they tried to put a good face on it.
"We need to be careful what is taught to our children and what is allowed. I'm for banning TikTok."
Sessions said he is unable to attend former President Donald Trump's rally in Waco, Texas, on Saturday because of a prior engagement in Nacogdoches, Texas.
"But my wife, Karen, will be there [at the rally]," he said "And a lot of our friends will be welcoming the president to Waco, Texas. The president knows I'm on his team and appreciates it."
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