Baldwin, Colleagues Introduce Bill to Reestablish Bank Rule and Repeal 2018 Rollback of Critical Dodd-Frank Protections
The Trump banking law rolled back “Too Big to Fail” rules; created conditions for collapse of Silicon Valley Bank
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) joined her colleagues in introducing the Secure Viable Banking Act, legislation that would repeal Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 following the collapse of Silicon Valley Bank (SVB) and Signature Bank. In 2018, Senator Baldwin voted against the legislation that reduced critical oversight and capital requirements for banks like SVB, and now, she is working to reestablish the safeguards to protect Americans and small businesses’ money.
“When small businesses and Americans put their hard-earned money in the bank, they deserve to know it is safe and secure. In 2018, I voted against the misguided bill that relaxed regulations on banks like Silicon Valley Bank,” said Senator Baldwin. “I am proud to support this legislation to restore needed protections to safeguard our economy and help provide small businesses and consumers the peace of mind that their money is safe.”Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act raised the asset threshold at which a bank is considered and regulated as a “systemically important financial institution” to $250 billion, exempting SVB and other mid-sized banks from regular stress testing and enhanced liquidity, risk management, and resolution plan, or “living will,” requirements. The lawmakers’ new bill would repeal these dangerous regulatory rollbacks, which invited banks to load up on risk and increase profits, restoring critical Dodd-Frank protections.
The effort is led by Senator Elizabeth Warren (D-MA) and U.S. Representatives Katie Porter (D-CA).
A copy of the bill is available here.
An online version of this release is available here.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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Kudos to Tammy for having a strong backbone and voting against this deregulartory nonsense in 2018. Wish I could say the same for the 17 bought and paid for Democratic Senators who voted with the 50 lost soul Republicans putting their financial interests above everything else. Much is said about the shortcomings of our 2 party political system but it seems we only have a 1 party system when it comes to economic issues. (That party being the Corporate Party).
P.S. the “Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018” is sometimes referred to as the “Crapo Bill”, after Republican Senator Mike Crapo of Idaho. I know how I pronounce “Crapo”, which is not necessarily the same as he would.