The former president in 2018 rolled back requirements for banks of certain sizes to be stress tested by the Federal Reserve.
Highlights
- In 2018, former President Donald Trump signed a bill rolling back requirements for certain banks with less than $250 billion in assets.
- The bill was championed by SVB CEO Greg Becker, who pressed lawmakers in Congress to lessen regulation that placed higher scrutiny on certain banks.
- In the aftermath of Friday’s run on the bank, some commentators have noted that a Trump-era rollback of financial regulations may have contributed to the collapse of Silicon Valley Bank.
- As of Saturday afternoon, Trump has not commented on the collapse.
- The bank’s collapse left it in freefall as clients began a run, spurred on by higher interest rates and other factors, resulting in a spiraling chain reaction.
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