Senator Elizabeth Warren introduced a bill to repeal the Trump-era rollback of the Dodd-Frank Act following the collapse of Silicon Valley Bank and Signature Bank. The bill brings the threshold for banks that must undergo extra federal regulations back down to at least $50 billion in assets. The limit was raised to $250 billion in 2018 after lobbying by the banking industry, including SVB, which held around $209 billion in assets. This is Senator Warren speaking Tuesday.
Sen. Elizabeth Warren: “The federal government once again was called on to take extraordinary measures, the kind of measures that Dodd-Frank was originally supposed to protect us against. These threats should never have been allowed to materialize. And now we must prevent them from occurring again.”
Congressmember Katie Porter unveiled a similar bill in the House. This comes as reports emerged that the Justice Department and the Securities and Exchange Commission opened investigations into the collapse of SVB.