The Damage Report
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Trump Burned After Staggering Misstep UNVEILED
Posted
March 19, 2023
Views
96,675
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3,896
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March 19, 2023
96,675
3,896
266
4.31%
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2:09Now PlayingElizabeth Warren drops the devastating truth of how Donald Trump's law and regulations led to the Silicon Valley Bank collapse. Francesca Fiorentini breaks it down on The Damage Report.
Read more here:
Elizabeth WarrenSilicon Valley Bank Is Gone. We Know Who Is Responsible.
"No one should be mistaken about what unfolded over the past few days in the U.S. banking system: These recent bank failures are the direct result of leaders in Washington weakening the financial rules.
In the aftermath of the 2008 financial crisis, Congress passed the Dodd-Frank Act to protect consumers and ensure that big banks could never again take down the economy and destroy millions of lives. Wall Street chief executives and their armies of lawyers and lobbyists hated this law. They spent millions trying to defeat it, and, when they lost, spent millions more trying to weaken it.
Greg Becker, the chief executive of Silicon Valley Bank, was one of the many high-powered executives who lobbied Congress to weaken the law. In 2018, the big banks won. With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank. Regulators, including the Federal Reserve chair Jerome Powell, then made a bad situation worse, letting financial institutions load up on risk."
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