Quote Originally Posted by NoSavingByTheBell View Post
Potato Joe worse than Carter
I would ask you what Biden has to do with this but you're just trolling and could never come up with a coherent answer, could you thickhead.


You know which president is responsible for SVB's demise? The fucker who rolled back all those burdensome regulations the Democrats brought in after the GOP-created 2008 financial meltdown.


A chief culprit, economists say, is legislation President Donald Trump signed into law in 2018, which rolled back key parts of the Dodd-Frank banking regulations passed in the wake of the 2008 financial crisis. That 2018 legislation, called the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed with strong support from the Republican Party and critical support from some Democrats. Among those leading the charge was McCarthy, then House majority leader.
“We’re going to move this Senate bill directly to the president’s desk to ensure these reforms help the economy to grow further by making community banks stronger,” McCarthy said of the legislation in 2018. “This is going to free up a great deal of capital and this will help a lot.”


“This was a 100 percent avoidable problem,” economist Dean Baker told The Intercept in an email, pointing to the Dodd-Frank repeal bill. “That bill raised the asset threshold above which banks have to undergo stress tests from $50 billion to $250 billion. SVB would have been required to undergo regular stress tests before the revision; among the stresses you look at are sharp rises in interest rates, which is apparently what did in SVB. Presumably, if its books had been subject to this test, the risk would have been detected and they would have been required to raise more capital and/or shed deposits.”



https://theintercept.com/2023/03/11/...ns-lobby-fdic/



There's currently a massive effort to roll back even more regulations now the GOP have control of the House. Looks like things will go the other way now.





President Donald Trump
has signed the biggest rollback of financial regulation since the Dodd-Frank Act was enacted in 2010, freeing smaller banks from the burden of being labeled too big to fail.
Surrounded by lawmakers and financial regulators at the White House on Thursday, Trump put pen to paper on the product of years of industry lobbying and sensitive talks on Capitol Hill


There's that burden word again. Burdensome. God bless those lobbyists. Burdensome.