.POTUS is hoping to turn SVB's collapse into a legislative victory, but he'll face plenty of GOP resistance along the way. Echoing Biden, Democrats are sounding the alarm on Capitol Hill.
The president spent last week calling to reinstate banking regulations that were rolled back five years ago while seeking new punishments for banking executives whose operations fail."I'm firmly committed to accountability for those responsible for this mess," Biden said Friday."No one is above the law — and strengthening accountability is an important deterrent to prevent mismanagement in the future."Sen. Elizabeth Warren and Rep.
For one, 17 Senate Democrats voted to approve the rollback on midsized banks, as did 33 Democrats in the House. But Republicans also point to existing regulations that should have placed a red flag over SVB, arguing that better enforcement is the answer. Some conservatives argue that banks will work their way around any new regulations and question the need for government interference in the sector.
Any accompanying fact sheet cited the SVB CEO reportedly selling more than $3 million worth of shares before the collapse as activity that should be regulated.
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