A handful of red state Democrats were instrumental in helping Republicans secure a rollback of banking regulations sought by then-President Donald Trump in 2018.
The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on March 13, 2023.
President Joe Biden has asked Congress for the authority to impose tougher penalties on failed banks. The Justice Department and the Securities and Exchange Commission have started investigations. And congressional Democrats are calling for new restrictions on financial institutions. Crapo broached the idea with Democratic Sens. Jon Tester of Montana, Joe Donnelly of Indiana and Heidi Heitkamp of North Dakota — all on the ballot in 2018 — as well as Mark Warner of Virginia. By the fall of that year, the bipartisan group met regularly, according to a copy of Tester’s office schedule posted to his Senate website.
That component, which effectively carved large midsize banks out of more stringent regulation, has come under new scrutiny in light of the failure of Silicon Valley Bank and Signature Bank, whose executives lobbied on behalf of the 2018 rollback. The American Bankers Association, which helped lead the push, later paid $125,000 for an ad campaign thanking Tester for his role in the bill’s passage, records show.
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