Exclusive: A group of Democrats led by Sen. Warren and Rep. Porter will unveil legislation to restore bank regulations that were undone under then-President Trump in 2018, seeking to fix what they say was the cause of Silicon Valley Bank's collapse.
, first reported by NBC News, would repeal the centerpiece of a law passed on a bipartisan basis by the Republican-led Congress in 2018, which eased Dodd-Frank financial regulations on midsize banks by raising the “too big to fail” threshold from $50 billion in assets to $250 billion.
Porter, who is running for the Senate seat held by Sen. Dianne Feinstein in a crowded race against several prominent House Democrats, said the bill would “restore common-sense guardrails that keep corporate greed in check and restore confidence in our financial system.”The new bill is likely to reignite divisions between Democrats dating back to the 2018 fight.
Some of the Democratic supporters of the 2018 law, including Sen. Mark Warner of Virginia, say it set appropriate levels of regulation on midsize and community banks.
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