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Back-to-Back Bank Collapses Came After Deregulatory Push
David Enrich of the NYT looks at the collapse of Signature bank and SVB Bank and the role of lobbying that led to president Trump setting up new legislation raising size of banks facing Fed regulatory scrutiny from $50 billion to $250 billion. Signature Bank and the author of the regulatory law after the financial crisis of 2008 caused by faulty bank practices -who in one of the anomalies of Congress joined the bank's board for 7 years and resigned this week- lobbied with SVB bank for less regulation and government oversight. President Biden has learned from the mistakes of this Obama period, as shown by Jim Tankersley in his reporting in the NYT. this week. And made clear from Biden's State of the Union address in 2023, his effort to focus on cutting the deficit by $3 trillion over 10 years by getting everyone to pay their fair share of taxes.
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