Forbes Magazine: How Trump’s Deregulation Sowed The Seeds For Silicon Valley Bank’s Demise

[hadit]

On May 24, 2018, Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Reform Act”). This was a regulatory relief bill for regional and community bill, which bank lobbyists and numerous politicians had fought hard for.

Thanks to Trump and his supporters this all changed. Some of the key changes that EGRRCPA made were:

Increasing the asset threshold for “systemically important financial institutions” or, “SIFIs,” from $50 billion to $250 billion.

Immediately exempting bank holding companies with less than $100 billion in assets from enhanced prudential standards imposed on SIFIs under Section 165 of the Dodd-Frank Act (including but not limited to resolution planning and enhanced liquidity and risk management requirements).

Exempting in 18 months bank holding companies with between $100 billion and $250 billion in assets from the enhanced prudential standards.

Limiting stress testing conducted by the Federal Reserve to banks and bank holding companies with $100 billion or more in assets.

Should we name the democrats that voted for the "TRUMP!" bill, or don't they count?

 

[jknowgood]

I want to share with you an article that explains how Trump's deregulation led to the collapse of Silicon Valley Bank, one of the largest banks in the country. The article is here: How Trump’s Deregulation Sowed The Seeds For Silicon Valley Bank’s Demise

The article says that Trump signed a law in 2018 that weakened the rules for banks that were put in place after the 2008 financial crisis. The law was called the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155), but it did not protect consumers at all. It allowed banks like Silicon Valley Bank to take more risks with their money and hide their problems from regulators.

The law was supported by most Republicans and a minority of Democrats who were fooled by the bank lobbyists. Most Democrats voted against it The Senate passed it by a vote of 67-31, with 16 Democrats voting for it. The House passed it by a vote of 258-159, with 225 Republicans and 33 Democrats voting for it. Trump signed it into law on May 24, 2018.

Now we are paying the price for this Trump law. Silicon Valley Bank failed because it gambled on risky loans and investments that went bad. It also lied about its financial health and hid its losses from regulators and investors. The bank's failure caused a lot of damage to the economy and hurt millions of customers, employees and shareholders. This is why we need to hold Trump and his allies accountable for their actions.

They sold us out to the big banks and put our economy at risk. We need to repeal this law and restore strong regulations for banks that protect consumers and prevent another crisis.

If Democrats knew that it was so bad, then why didn't Biden do away with the deregulation? So in reality Biden's not getting rid of it caused it to happen. He had over two years and nothing. So this is Biden's fault.

 

[jknowgood]

Both Trump and those who voted for it.

Are you such a moron that you thought Trump didn't support and sign the bill into law?

So I guess since you loons are blaming Trump for everything. So this economy Biden is bragging about, he says its the best ever. That's because of Trump also?

 

[gipper]

Deregulation (and, actually, aggressive refusal to regulate) played a huge role in the Meltdown of 2008/2009, opening the floodgates for the shit securities like CMOs, CDOs and CDSs that brought us down.

And, as usual, we learned nothing.

Not a fucking thing.

BJ Bubba Clinton’s terminating Glass-Stegall had a lot to do with the Great Recession, but Ds like to place all the blame on dumb W.

As always it’s a team effort with the two crime families in promoting the demands of the ultra wealthy and big corporations, but few Americans seem to know this.

 

[C_Clayton_Jones]

Both Trump and those who voted for it.

Are you such a moron that you thought Trump didn't support and sign the bill into law?

Putting another Republican in the WH would be an act of madness – more reckless, irresponsible deregulation, more bank failures, more train derailments.

 

[gipper]

Putting another Republican in the WH would be an act of madness – more reckless, irresponsible deregulation, more bank failures, more train derailments.

The same goes for a D in the WH. We’re witnessing this right now. Of course, you’re blind to it.

 

[iamwhatiseem]

Democrats 2019 - "Stop blaming everything on the last President!!"
Democrats 2023 - Blame everything on the last President

 

[C_Clayton_Jones]

The same goes for a D in the WH. We’re witnessing this right now. Of course, you’re blind to it.

Voting for Republicans for president is the definition of insanity.

 

[Smokin' OP]

Should we name the democrats that voted for the "TRUMP!" bill, or don't they count?

Sure you can.

 

[Smokin' OP]

BJ Bubba Clinton’s terminating Glass-Stegall had a lot to do with the Great Recession, but Ds like to place all the blame on dumb W.

As always it’s a team effort with the two crime families in promoting the demands of the ultra wealthy and big corporations, but few Americans seem to know this.

The three co-sponsors of the Gramm-Leach-Bliley Act were:

Sen. Phil Gramm - R
Rep. Jim Leach - R
Rep. Thomas J. Bliley, Jr. - R

In 1999, the Republicans held a majority in both the Senate and the House of Representatives.

The final version of the Gramm-Leach-Bliley Act passed the House by a vote of 362-57 and the Senate by a vote of 90-8. This made the bill "veto proof", meaning that if Clinton had decided to veto, the bill would have been passed anyways.

 

[hadit]

Voting for Republicans for president is the definition of insanity.

Vote Republican. The nation you save just might be your own.

 

[gipper]

Voting for Republicans for president is the definition of insanity.

Agreed. Exactly like voting for a D.

So, you’re insane!

 

[hadit]

Democrats 2019 - "Stop blaming everything on the last President!!"
Democrats 2023 - Blame everything on the last President

Listening to them, you could be excused for thinking that the election never happened and TRUMP! was still president.

 

[gipper]

The three co-sponsors of the Gramm-Leach-Bliley Act were:

Sen. Phil Gramm - R
Rep. Jim Leach - R
Rep. Thomas J. Bliley, Jr. - R

In 1999, the Republicans held a majority in both the Senate and the House of Representatives.

The final version of the Gramm-Leach-Bliley Act passed the House by a vote of 362-57 and the Senate by a vote of 90-8. This made the bill "veto proof", meaning that if Clinton had decided to veto, the bill would have been passed anyways.

Lol. Who signed it into law?

 

[Smokin' OP]

Lol. Who signed it into law?

WTF?
Who introduced the bill?

 

[Ralph Norton]

Voting for Republicans for president is the definition of insanity.

Reading any post by C_Clayton_Jones and expecting an intelligent comment is the definition of insanity.

 

[theHawk]

I want to share with you an article that explains how Trump's deregulation led to the collapse of Silicon Valley Bank, one of the largest banks in the country. The article is here: How Trump’s Deregulation Sowed The Seeds For Silicon Valley Bank’s Demise

The article says that Trump signed a law in 2018 that weakened the rules for banks that were put in place after the 2008 financial crisis. The law was called the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155), but it did not protect consumers at all. It allowed banks like Silicon Valley Bank to take more risks with their money and hide their problems from regulators.

The law was supported by most Republicans and a minority of Democrats who were fooled by the bank lobbyists. Most Democrats voted against it The Senate passed it by a vote of 67-31, with 16 Democrats voting for it. The House passed it by a vote of 258-159, with 225 Republicans and 33 Democrats voting for it. Trump signed it into law on May 24, 2018.

Now we are paying the price for this Trump law. Silicon Valley Bank failed because it gambled on risky loans and investments that went bad. It also lied about its financial health and hid its losses from regulators and investors. The bank's failure caused a lot of damage to the economy and hurt millions of customers, employees and shareholders. This is why we need to hold Trump and his allies accountable for their actions.

They sold us out to the big banks and put our economy at risk. We need to repeal this law and restore strong regulations for banks that protect consumers and prevent another crisis.

Is this the same Forbes Magazine that named SVB one of the best banks just last week?

 

[theHawk]

Now we are paying the price for this Trump law.

Yea sure. So why didn’t Yellen sound the alarm about it on day one?
Why didn’t Biden and the Dem Congress do something?

Oh, because you are full of shit, as usual.

 

[theHawk]

Trump and Republicans didn't sign any laws about the sun. They did sign the 2018 that relates to bank regulation though. But you would rather talk about the Sun and so would I if I was a Republican right now.

Exactly what deregulation contributed to this SVB failure?

Do you believe this bank was not being regulated by the Fed?

 

[iamwhatiseem]

Democrats 2019 - "Stop blaming everything on the last President!!"
Democrats 2023 - Blame everything on the last President