, which was passed in the aftermath of the 2008 financial crisis to protect consumers from abusive banking behavior.in passing a bill that took away oversight measures for midsize banks like SVB by raising the threshold for regulation standards — essentially assessing how a bank would respond to financial shocks, like an increase in interest rates — from $50 billion to $250 billion.
"In 2018, I rang the alarm bell about what would happen if Congress rolled back critical Dodd-Frank protections: banks would load up on risk to boost their profits and collapse, threatening our entire economy — and that is precisely what happened," Warren said in a statement."President Biden called on Congress to strengthen the rules for banks, and I'm proposing legislation to do just that by repealing the core of Trump's bank law.
The Democrats' legislation would restore the 2010 threshold for bank regulation, according to the press release. Sen. Bernie Sanders also said on Monday that SVB's failure was a"direct result" of the 2018 legislation. Some of the Democratic lawmakers who voted for the 2018, like Virginia Sen. Mark Warner, said they still stand by their vote. Sen. Joe Manchin told CNN on Tuesday, that although he voted for the bill,and would support more regulations as long as it did not lead to overregulation.
"Americans deserve to know their money is safe when they deposit it in the bank," Porter said in a statement."In 2018, politicians rolled back critical regulations protecting Americans' deposits—ignoring warnings from financial experts in favor of Wall Street special interests. I'm calling on Congress to restore common-sense guardrails that keep corporate greed in check and restore confidence in our financial system.
Ohhh damn I thought this was saying they are hooking up with each other 😂 😂
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Warren slams SVB customer bailout while student-loan borrowers wait for reliefElizabeth Warren criticizes 'overnight' bailout of SVB customers while leaving 'millions of student loan borrowers in limbo' She may have a plan, but doesn't have a bill for that. Um…. Not really the same thing. Haha LOL, she’s precious, isn’t she?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Elizabeth Warren: SVB executives should face financial, legal consequencesElizabeth Warren says the millions in bonuses Silicon Valley Bank executives took home last year should be recovered by regulators: 'We should claw all that back' Totally agree AND sitting Congress members should be precluded from speaking fees, book deals or media contracts till 24 mo after their term expires or they depart Or after 6 mo if they set their own term limits at 2 or less terms for the Senate & 4 or less terms for the House Elizabeth need to go home and shut up Some greedy Senators shouldn't run for President immediately after re-election either...
Source: BusinessInsider - 🏆 729. / 51 Read more »