President Joe Biden blamed former President Donald Trump for the collapse of Silicon Valley Bank (SVB) and Signature Bank, attributing their demise to Trump’s rollback of some Obama-era policies.
“During the Obama-Biden administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again,” Biden said during his Monday remarks.
“Unfortunately, the last administration rolled back some of these requirements,” he added.
The bill exempting many banks from the Dodd-Frank Wall Street reform law – called the Economic Growth, Regulatory Relief and Consumer Protection Act – passed the Senate in a bipartisan way in 2018. Lawmakers had cited concerns about small banks and credit unions, The Hill reported. Read more…
