Sen. Bernie Sanders is calling for a full repeal of the 2018 banking deregulations signed into law by former President Donald Trump.
“Let’s be clear,” Sanders said Sunday night in his statement. “The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed. Five years ago, the Republican Director of the Congressional Budget Office released a report finding that this legislation would ‘increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail.
Such a set of policies, said Owens, shows the Fed “is irreparably broken and can no longer be trusted to go it alone on monetary policy. As Congress works to re-regulate mid-size banks after the misguided 2018 rollbacks that set this weekend’s crisis in motion, they should also address the rot at the Fed.”
“Silicon Valley Bank was a badly managed and corrupt institution that entangled itself with powerful actors in the technology industry,” Stoller argued. “The operative question government regulators are now facing is whether to use taxpayer funds to bail out the depositors from the failures of SVB’s management.”
While bank investors and executives will not be included in the emergency actions announced on Sunday, Rep., the California Democrat who represents Silicon Valley, applauded the actions taken by Treasury to keep depositors whole.
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