Why Trump is being called out in the Silicon Valley Bank collapse
, vowing to"fully protect" them from any financial losses. Normally, that would only be guaranteed for losses up to $250,000.
"Greg Becker, the chief executive of Silicon Valley Bank, was one of the many high-powered executives who lobbied Congress to weaken the law," Massachusetts Sen. Elizabeth Warrenin a Monday opinion piece."In 2018, the big banks won. With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank.
Still, Democrats aren't too convinced. Here's why Trump's actions are getting the spotlight now that SVB shut down.The Dodd-Frank Act was signed into law in 2010 after the 2008 financial crisis sent shockwaves through the banking system, causing Washington Mutual to collapse in what is now known as the biggest US bank failure. It was designed to protect consumers from abusive financial practices while increasing accountability in the US banking system.
Paul Ryan, who was speaker of the House at the time of the bill's passage, said that it was a step toward"freeing our economy from overregulation." But some Democrats blasted the legislation. Nancy Pelosi said at the time that it was"a bad bill under the guise of helping community banks," and Warrenher colleagues to reject the bill, saying before the House vote that"Congress has done enough favors for big banks.
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