Sen. Elizabeth Warren and Rep. Katie Porter unveiled legislation with dozens of cosponsors to undo a key part of a Donald Trump-era Dodd-Frank repeal passed years ago that lawmakers say caused the “entirely avoidable” failures of Silicon Valley Bank
“Five years ago, I helped lead the effort against the bank deregulation bill that led to the collapse of Silicon Valley Bank and Signature Bank. Now is the time to repeal that bill, break up too big to fail banks, and address the needs of working families, not vulture capitalists,”. “We cannot continue to have more and more socialism for the rich and rugged individualism for everyone else.”
Markey also emphasized that the bank failures show the ease with which the rich get bailed out at the expense of taxpayers. “Taxpayers should not have to pay for the mistakes and mismanagement of big bank executives. The American people should have confidence in their financial institutions, and that starts with undoing Trump-era deregulation so that we can ensure a collapse like we saw last week never happens again,” Markey said.to be reinstated.
While the 2018 Dodd-Frank overhaul was led by Sen. Mike Crapo , a Republican, it passed with bipartisan support in the and the Senate, with the support of conservative Democrats like Sen. Joe Manchin and then-Rep. Kyrsten Sinema , who now classifies herself as an independent.in the wake of the crisis – but still doubled down on his “yes” vote. He is not a cosponsor of the SVB Act, nor are any of the other Senate Democrats who had voted to roll back the regulations five years ago; fellow “yes” voter Sen.
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