Sanders was referring to Trump’s Economic Growth, Regulatory Relief, and Consumer Protection Act, which he said deregulated the industry and sowed the seeds for SVB’s downfall. Sanders blames Silicon Valley Bank's failure on a Trump-era regulation policy:
Trump also said at the time that the Dodd-Frank regulations were"crushing community banks and credit unions nationwide."
This meant that the Silicon Valley Bank — which ended 2022 with about $209 billion in assets — was no longer designated as a systematically important financial institution. As such, it was not subject to the tighter regulations that apply to bigger banks. "Now is not the time for US taxpayers to bail out Silicon Valley Bank. If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions," he wrote.Sanders added that the US"cannot continue down the road of more socialism for the rich and rugged individualism for everyone else."
For his part, Trump has claimed without substantiation that the Silicon Valley Bank run should be blamed on the"economy."
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