President Joe Biden blamed recent bank collapses on former President Trump’s 2018 decision to scrap some Obama-era banking rules. “Unfortunately, the last administration rolled back regulations,” Biden said.
Biden also vowed to hold those responsible for the collapse accountable and said the bank’s shareholders would not be protected.
The president said he planned to ask Congress and bank regulators to restore Obama-era rules that were put in place in the wake of the 2008 financial crisis. In 2018, Trump signed a bipartisan bill exempting midsize institutions such as Silicon Valley Bank from those rules. Democrats were divided about the overhaul of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, with more liberal lawmakers including Sen. Elizabeth Warren, D-Mass., warning the changes would put “American consumers at greater risk.”
Sixteen Senate Democrats and independent Angus King of Maine, who usually votes with Democrats, joined Republicans to vote for the bill. In the House, 33 Democrats joined all but one Republican in approving the measure. Florida Gov. Ron DeSantis, a possible 2024 presidential candidate who was a member of the House at the time, was among the Republicans who voted for the bill.
The president is set to meet with British Prime Minister Rishi Sunak and Australian Prime Minister Anthony Albanese later Monday in San Diego, where the three leaders will unveil new details of the security pact known as AUKUS. Biden will travel to Monterey Park on Tuesday to discuss gun violence.If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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