The moment when Donald Trump scrapped regulations that would have prevented the SV Bank collapse
The 2018 deregulation of Dodd-Frank freed some banks from policies placed in the late 2000s to try to stop banks and the financial system from collapsing.
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Deregulation of Dodd-Frank
The bill eased regulations imposed by Dodd–Frank Wall Street Reform and Consumer Protection Act. It was described as a significant victory for banks below the $250 billion threshold, including Silicon Valley Bank, whose CEO, Greg Becker, had urged Congress to raise the threshold.
On May 24, 2018, Trump signed the Economic Growth Regulatory Relief and Consumer Protection Act into law.
Experts are divided to which extent the Trump law played a role in SVB’s collapse, as it is impossible to predict if the pre-2018 version of Dodd-Frank would have prevented the fall of Silicon Valley Bank. However, the situation would have been less dangerous and damaging, experts claim.
Link to tweet
https://www.msn.com/en-us/money/companies/here-is-the-moment-when-donald-trump-scrapped-regulations-that-would-have-prevented-the-silicon-valley-bank-collapse/ar-AA18EDgB
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