The warning signs were all there.
of the financial crisis that plunged the United States into the Great Recession of 2007-2009.
But as the crisis faded into the past, and more and more banks grumbled about the burden of complying with the new rules, Congress decided to provide relief from the Dodd-Frank legislation. Among other things, it ditched the $50 billion asset threshold for the most stringent oversight, pushing it up to $250 billion. Many large lenders, including Silicon Valley Bank, were thereby freed from the tightest regulatory scrutiny.
Todd Phillips, a fellow at the left-leaning Roosevelt Institute and a former FDIC lawyer, said Congress’ deregulatory push during the Trump years created a “vibe shift." But Kelleher at Better Markets said that U.S. bank regulators “don’t have to wait for a divided Congress to act in the best interests of the American public.’’
The idea that so many depositors would lose their savings threatened to shake public faith in the banking system. So the Biden administration announced Sunday night that the FDIC would cover 100% of deposits at Silicon Valley Bank, and also at Signature Bank“I hope now going forward they’re not going to treat this increase in the guaranteed deposits as just a one-shot response ...
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