Moderate Senate Democrats who voted to loosen regulations on midsize banks in 2018 are standing by their votes in the wake of Silicon Valley Bank’s collapse, joining Republicans in resisting enhanced scrutiny for those financial institutions.
Sen. Angus King, I-Maine, who caucuses with Democrats, said he wants to investigate “what actually happened in this case, and whether a different set of regulations would have mattered” before deciding whether the 2018 legislation was a mistake.
“It’s early. I think we need to complete the investigation of what actually happened at Silicon Valley Bank. All the regulation in the world isn’t going to fix bad management practices, and it appears that that’s one of the problems and SVB,” Shaheen said, while keeping the door open to revisiting the bill if the findings sway her.
this week by Sen. Elizabeth Warren, D-Mass. The bill would repeal the heart of the 2018 bill, which eased Dodd-Frank scrutiny imposed in 2010 by raising the"too big to fail" limit from $50 billion in assets. “It is dangerous for us to leave the door open for regulators not to do their jobs. We need to close the door and tell them they’ve got to impose tough tests on these giant banks,” she said.
“I think it’d be premature to start talking about solutions before we fully define the problem, and in ultimately get answers from the regulators about why they were asleep at the job,” said Senate Minority Whip John Thune, R-S.D.“No new regulations. We need the regulations that are on the books to actually be enforced,” she said.
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The facts on Trump's 2018 loosening of regulations on banks like SVB | CNN PoliticsAfter Silicon Valley Bank collapsed late last week following a run on the bank, Sen. Bernie Sanders of Vermont argued that the culprit was clear: an 'absurd' 2018 law, signed by then-President Donald Trump, that rolled back regulations on banks of SVB's size.
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