Bernie Sanders says Silicon Valley Bank's failure is the 'direct result' of a [View all]

[Uncle Joe]

Trump-era bank regulation policy

(snip)

Signing the bill into law meant that Trump was exempting smaller banks from stringent regulations and loosening rules that big banks had to follow. The law raised the asset threshold for "systematically important financial institutions" from $50 billion to $250 billion.

This meant that the Silicon Valley Bank — which ended 2022 with about $209 billion in assets — was no longer designated as a systematically important financial institution. As such, it was not subject to the tighter regulations that apply to bigger banks.

Sanders wrote in his Sunday statement that the Trump administration had disregarded all the lessons it should have learned from the 2008 Wall Street crash and the Enron scandal.

"Now is not the time for US taxpayers to bail out Silicon Valley Bank. If there is a bailout of Silicon Valley Bank, it must be 100 percent financed by Wall Street and large financial institutions," he wrote.

(snip)

https://www.businessinsider.com/silicon-valley-bank-bernie-sanders-donald-trump-blame-2023-3