Progressive Democrats Push to Restore Financial Regulations Following SVB Collapse

Democratic lawmakers are calling for a reversal of the 2018 Republican-led law that loosened banking regulations in the 2010 Dodd-Frank Act. Senator Elizabeth Warren (D-MA) and Representative Katie Porter (D-CA) led dozens of Democratic lawmakers to introduce the Secure Viable Banking Act, legislation which repeals the 2018 rollback of critical Dodd-Frank protections, citing SVB’s failure as the consequence of lack of banking regulation and oversight. The legislation would repeal the existing exemption to form stress tests for banks with less than $250 billion in assets. Commenters note, however, that this bill is unlikely to pass through a Republican controlled House.

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