Posted on 03/14/2023 8:39:35 AM PDT by SoConPubbie
On Monday, Joe Biden claimed during a speech that the recent collapse of both Silicon Valley Bank and Signature Bank was due in part to the Trump administration rolling back parts of the Dodd-Frank Act of 2010.
"During the Obama-Biden administration, we put in place tough requirements on banks, like Silicon Valley Bank and Signature Bank including the Dodd-Frank law to make sure that the crisis we saw in 2008 would not happen again," Biden said. "Unfortunately, the last administration rolled back some of these requirements."
According to the Hill, Trump signed a bipartisan bill in 2018 that loosened some of the restrictions put forward in the Dodd-Frank Act of 2010. The bill was the work of several years of negotiations between GOP and Democrats senators.
The bill Trump signed was introduced by GOP Senate Banking Committee Chairman Mike Crapo and Democrats Heidi Heitkamp, Jon Tester, Joe Donnelly, and Mark Warner.
On Sunday, regulators in the Federal Deposit Insurance Corporation (FDIC) shut down Signature Bank, based out of New York City, after they shut down Silicon Valley Bank on Friday.
The FDIC, Treasury Department, and Federal Reserve jointly released a statement that said, "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole."
"As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer," the statement added, which Biden reiterated in his statement.
"I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen again, and protect American jobs in small businesses," Biden said before concluding his statements.
Biden then exited without taking any questions.
> again,” Biden said. “Unfortunately, the last administration rolled back some of these requirements.” <
It’s a real shame that President Biden didn’t have two years of a Democrat-controlled Congress to fix all these supposed problems.
Oh, wait. He did have those two years. Never mind.
And with every generated crisis there is the answer, their answer “ digital currency” because the old is not good its racist its not equitable it is evil, its white
So predictable. You think they would learn from the East Palestine, Ohio train disaster where blaming Trump failed miserably. I’m sure this will be debunked very quickly.
That Trump was 2 years 3 months ago.
Losing a war in Afghanistan.
Losing a war in Ukraine.
Record inflation.
Collapsing banking system.
Biden’s act. Biden’s legacy.
The senile puppet cr@ps his mouth instead of his diaper today...
Oh, so you’re announcing that you’re inept, Joe?
It’s okay, we knew.
Southern Border.......”Orangeman Bad”
High Crime.............”Orangeman Bad”
Gas Prices.............”Orangeman Bad”
Jan 6th................”Orangeman Bad”
Israel.............”Orangeman Bad”
Russia.................”Orangeman Bad”
China.............”Orangeman Bad”
Brandon’s Piles.............”Orangeman Bad”
Orange Man Bad must be a god........and he is going to be the next President of the United States
Biden’s been “in charge” for 2 years
Americans will see through this stupidity
Oh, like train derailments.
You have great faith in the American people. Look who they voted for in 2020.
If we had a free press, in unison it would be screaming BS at the president. After two years, with control of Congress and the White House, the Democrats could have changed any laws created and passed during the Trump administration. Through executive order, and Congressional action, Biden has eviscerated most of the accomplishments of the Trump administration, demonstrating any banking legislation that wasn’t changed during Biden’s first two years is because Biden and the Democrats didn’t want to.
The big banks were once big supporters of the GOP but that relationship has flip flopped and the big banks now are supporters of the Democrat party. A free and independent press would be stating this very obvious fact and challenging Biden as to why he didn’t ram legislation, through the Democrat Congress, to repeal the Trump legislation he finds problematic today.
Of course where are the Republicans? Are they loudly pointing out the obvious? No, because the banking industry still spreads enough money to them to keep them in line. Once again most of the sheep hear only the big lie.
IMO:
CRYPTO is at the genesis of all the bank problems.
Banks involved seem to have had alot of activity with CRYPTO.
THAT is a house of cards-—and:
Biden wants paper/coins to go away in favor of DIGITAL MONEY.
MUST get CRYPTO & DIGITAL money completely out of the picture. MUCH too dangerous.
CRYPTO
OBAMA & JARRETT are un charge-—Biden is just Howdy Doody.
OBAMA & JARRETT are in charge-—Biden is just Howdy Doody.
Which regulation changed caused SVB to go down?
none, even Barney Frank said that.
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