Win McNamee
A group of Democrats led by Sen. Elizabeth Warren (D-MA) and Rep. Katie Porter (D-CA) have proposed legislation to restore banking regulations that were undone under former President Donald Trump.
He legislation intends to repeal a law A bipartisan pass in 2018 that eased Dodd-Frank regulations on midsize banks by raising the “too big to fail” threshold from $50 billion to $250 billion in assets, according to NBC News.
The Warren-Porter legislation would reverse the threshold that was originally set in 2010 regarding enhanced capital requirements.
The push for the reworked legislation comes after Silicon Valley and Bank were shut down Friday by Federal Deposit Insurance Corp., marking the first FDIC-insured institution to fail this year and the biggest bank failure since the 2008 financial crisis. On Sunday night, the New York State Department of Financial Services also took possession of Signature Bank to protect depositors.
See also SA Contributor Lawrence Fuller’s Sunday article titled “Silicon Valley Bank – Crisis Averted.”
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