@techprophet #FDR created a #framework to rein in the worst aspects of #capitalism. Beginning with #reagan that framework was dismantled. An important leg, Glass-Steagall, which #regulated #banks was partially #repealed under #clinton. Within a decade, the #greatrecession hit. This was not a #coincidence. Every #economic system requires some degree of #regulation to operate optimally. #doddfrank was a step in the right direction, but IMO somewhat more is required.

@GottaLaff what could be done is #potus invokes #14thamendment and then uses a #doddfrank defense of the economy as justification to allow the #federalreserve to continue funding the government until the budget impasse has been addressed. It was #congress that authorized #doddfrank to allow the #federalreserve to inject money directly into the economy without congressional oversight, and it has since 2010. This action would only fund obligations Congress lawfully incurred.

The Death of #DoddFrank: #BankingLaw's #Dobbs #Moment - #FinancialInstitutions #SystemicRisk #FinancialStability #LegalResearch #legisation #regulations #PrudentialBanking #economy #FederalReserve #Fed #SVB https://www.creditslips.org/creditslips/2023/03/the-death-of-dodd-frank-banking-laws-dobbs-moment.html

And away we go, again (#DoddFrank is dead long live Dodd Frank II)- "Two senators have proposed creating an #independent #watchdog to monitor the #FederalReserve. Senators #RickScott (R-FL) and #ElizabethWarren (D-MA) argue that the recent #collapse of #SiliconValleyBank (#SVB) and Signature Bank was caused by #RegulatoryFailures at the #Fed, and claim that establishing an independent #InspectorGeneral would help to prevent future #BankFailures. https://www.reuters.com/markets/us/republican-us-senator-rick-scott-democrat-warren-unveil-fed-oversight-bill-2023-03-22/ #FinancialStability

Who can bankroll enough lobbying to actually change federal law?

Banks. $400M+ in 2 years:

"the banking lobby worked for two years to water down aspects of the 2010 Dodd-Frank law...with companies and trade groups that specifically mention Idaho Senator Mike Crapo’s legislation spending more than $400 million in 2017 and 2018, according to an Associated Press analysis of the public lobbying disclosures"
https://apnews.com/article/banking-crisis-congress-lobbying-svb-c2bc00ad41ae7fd1ec9d0ffb781383f2
--
#Congress #corruption #banking #finance #DoddFrank #crapo

NEW: A provision in the 2010 Dodd-Frank law could have held SVB CEO Gary Becker accountable for his recklessness—and maybe kept the bank solvent. It's time we use it.

Our expert Sarah Anderson explains:

#SVB #SiliconValleyBank #Banking #DoddFrank https://www.marketwatch.com/amp/story/the-biden-administration-has-the-power-to-stop-bank-ceos-from-creating-the-next-svb-they-just-need-to-use-it-f3369084

If you're interested in the minutiae of this, Levitin's piece is short and clear - there's no automatic tort-based claim that would let the FDIC get the money back from the investors, because SVB isn't classed as a really big bank (a "#GSIB").

As for #DoddFrank's #SourceOfStrength doctrine, it "doesn't create any concrete financial liability—it's just exhortatory."

4/

#KatiePorter #DoddFrank

I thought that the 2018 banking deregulation would just make the smaller banks riskier. That's still true. But I was not smart enough to see how those small banks failing would tip the odds in favor of the larger banks. #banks #SVB #doddfrank

Wealthy people are going to take their millions from smaller less regulated banks and diversify across the secure large FDIC banks at $250k each. No wonder those top banks were so willing to give $5b to First Republic Bank. They've got an influx of cash from new customers who think the bigger banks are liquid and safe. Now there's an imbalance favoring the large banks with assets over $250b thanks to the 2018 administration and congress stripping Dodd-Frank 2018. #SVB #doddfrank #banks

#DeSantis and @GOP Blame "Wokeness" for #BankCrisis After Gutting #DoddFrank
https://www.youtube.com/watch?v=mhF4juKBXVM
#GOP #cultureWar #genders #washingMachines

#Senators Aren’t Ready to Blame Themselves for #SiliconValleyBank Implosion https://theintercept.com/2023/03/15/silicon-valley-bank-senators/

2018 #deregulation bill: #Senate #Bill2155 — curbed parts of the #DoddFrank Act that forced #banks to lend responsibly, hold adequate cash on hand, and conduct stress tests to ensure the liquidity required to prevent a run. Removing oversight on banks holding $50 billion in assets to banks holding over $250 billion.

Senators who voted to weaken #doddfrank: https://www.senate.gov/legislative/LIS/roll_call_votes/vote1152/vote_115_2_00054.htm

Too many #Democrats joined the 2018 rollback of #DoddFrank financial safeguards. Now #ElizabethWarren and #KatiePorter are trying to fix the damage. https://www.commondreams.org/news/warren-porter-trump-bank-deregulation

#DoddFrank is NOT #GlassSteagall
.
Dodd-Frank is not going to prevent future crisis, and will be subject to being degraded, because that’s what it’s designed for.
.
Glass-Steagall was enacted in 1933 separating investment banking from commercial banking until Clinton signed its repeal in 1999.
.
Dodd-Frank is fiddling still letting banks gamble w/deposits
#SVB #banking #banjs #economy

https://billmoyers.com/content/glass-steagall-dodd-frank-and-the-volcker-rule-a-primer-and-resources/

#DoddFrank is NOT #GlassSteagall
.
Dodd-Frank is not going to prevent future crisis, and will be subject to being degraded, because that’s what it’s designed for.
.
Glass-Steagall was enacted in 1933 separating investment banking from commercial banking until Clinton signed its repeal in 1999.
.
Dodd-Frank is fiddling still letting commercial banks gamble
#SVB #banking #banjs #economy

https://billmoyers.com/content/glass-steagall-dodd-frank-and-the-volcker-rule-a-primer-and-resources/

#DoddFrank is NOT #GlassSteagall
.
Dodd-Frank is not going to prevent future crisis, and will be subject to being degraded, because that’s what it’s designed for.
.
Glass-Steagall was enacted in 1933 separating investment banking from commercial banking until Clinton signed its repeal in 1999.
.
Dodd-Frank is fiddling around the edges while still letting commercial banks gamble with deposits.
#SVB #banking #banjs #economy

#Trump’s Rollback of Dodd-Frank Regulations Directly Led to the Silicon Valley Bank Failure. #DoddFrank #SVB #gop #republicans #republican #corruption #economy #banking

https://newrepublic.com/post/171105/trump-rollback-dodd-frank-regulations-directly-led-silicon-valley-bank-failure

2017 - Trump Hints at Rollback of Dodd-Frank Financial Regulations, 'I have friends of mine who can't borrow money' #Trump #DonaldTrump #GOP #Republicans #Republican #DoddFrank #economy #banking #SVN

https://www.youtube.com/watch?v=XFwe9C-t6-w

#SVB #BankingDeregulation #DoddFrank #PeterThiel #MAGA #wokephobic

WHO caused SVB to fail again?
https://www.washingtonexaminer.com/news/business/svb-collapse-peter-thiel-silicon-valley-