According to OpenSecrets, a nonpartisan group tracking money in politics, all seven registered lobbyists for Silicon Valley Bank in 2022 previously held government jobs overseeing financial institutions.
Virginia's Mark Warner denied that the deregulation, which he supported, was responsible for the fall of SVB.
In an interview with the AP, Heitkamp pushed back against suggestions that the legislation was directly responsible for the collapse of Silicon Valley Bank. She acknowledged, however, that there was an open question about whether new rules put in place by the Fed after the measure was signed into law could have played a role.
In a statement issued last week, Tester did not directly address his role in the legislation, but he pledged to"take on anyone in Washington to ensure that the executives at these banks and regulators are held accountable."Cam Fine, who led the Independent Community Bankers of America trade group during the legislative push, said that overall, the bill was a good piece of legislation that offered much needed relief to struggling community banks.
"Was it a perfect piece of legislation? No. But there's an old saying in Washington: You can't let the perfect be the enemy of the good," said Fine.
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