After Silicon Valley Bank collapsed, Sen. Bernie Sanders argued that the culprit was clear: an 'absurd' 2018 law, signed by then-President Donald Trump, that rolled back regulations on banks.
After Silicon Valley Bank collapsed late last week following a run on the bank, Sen. Bernie Sanders of Vermont argued that the culprit was clear: an “absurd” 2018 law, signed by then-President Donald Trump, that rolled back regulations on banks of SVB’s size. President Joe Biden wasn’t as direct as Sanders in blaming the 2018 rollback for SVB’s implosion, but he, too, criticized the Trump law in his Monday comments on the banking system.
The Senate passed the bill 67 to 31. All 50 Republicans who voted were in favor; 31 members of the Democratic caucus voted no, while 17 voted yes. CNN noted at the time that almost all of the Democratic supporters in the Senate were “either up for re-election this fall and/or from red or purple states.” The House passed the bill 258 to 159. Among Republicans, 225 voted yes and just one voted no; the Democratic caucus split 33 yes, 158 no.
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