2023-03-14 11:53:07

How Silicon Valley Bank & Signature Bank Weakened Regulations That Could Have Prevented Collapse

The collapse of Silicon Valley Bank and Signature Bank are the largest bank failures since the 2008 financial crisis, which prompted lawmakers to pass legislation to increase regulations on banks and other financial institutions. But during the Trump administration, a number of Democrats joined Republicans in Congress to weaken laws including Dodd-Frank, the landmark regulatory reform passed in the wake of the crisis. Executives from Silicon Valley Bank and Signature Bank were among those who successfully lobbied to weaken rules that may have prevented their collapse. The fallout from the bank failures now threatens to spread to other financial institutions, and the Biden administration has taken extraordinary steps to guarantee all deposits in the two failed banks and to shore up the rest of the sector in what many are criticizing as a bailout of rich bank customers. For more, we speak with _The Lever_'s David Sirota and banking law professor Mehrsa Baradaran, whom progressive groups at one point backed as the Biden administration's pick for comptroller of the currency, an influential regulator of banks.

Democracy Now! produces a daily, global, independent news hour hosted by award-winning journalists Amy Goodman and Juan González. Our reporting includes breaking daily news headlines and in-depth interviews with people on the front lines of the world’s most pressing issues. 

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David Sirota Democracy Now! Dodd Frank Free Speech TV FSTV Mehrsa Baradaran Politics Signature Bank Silicon Valley Bank The Lever

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