Ever since the collapse of Silicon valley bank, the Democrats have tried to blame President Trump, who has been out of office for over two years.
They claim that his partial rollback of a previous bill is what caused the collapse, but Trump has gotten support from an unlikely source, Barney Frank, a former member of Congress.
Frank has a particular insight on this because he was a board member of the board of the Signature bank and to top that, the legislation that Trump partially rolled back is the Dodd-Frank Act.
The law, signed by then-President Barack Obama in 2010, made significant changes to the way Wall Street conducted business and has been controversial ever since it became law.
Trump left much of the bill intact, but he eliminated some of the bill because it was hampering business. The bill was supposed to protect Americans from the excesses of the big banks and brokerage houses.
Democrats say Trump is responsible because he signed a law rolling back some of the regulations enacted by the Dodd-Frank Act:
- Biden: “During the Obama-Biden administration, we put in place tough requirements to make sure the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements.”
- Warren: “In 2018, the big banks won. With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank regulations.”
Trump did indeed sign the bill modifying the Dodd-Frank ACT, but the changes that were made had no effect on the bank. The bank focused on social issues such as DEI and the LGBTQ movement. Banks are supposed to work to increase their earnings, but SVB was a woke bank, pursuing ideology over profits.
In an interview with Politico Frank said:
“I don’t think that had any impact. They hadn’t stopped examining banks.”
More from Politico:
Frank, who served on Signature’s board since 2015, said his bank was in “good shape” but was hit with a run generated by “the nervousness and beyond nervousness from SVB and crypto.” The bank’s digital assets business made it the “unfortunate victim of the panic that really goes back to FTX,” the cryptocurrency exchange that failed last year.
“I think, if it hadn’t been for FTX and the extreme nervousness about crypto, that this wouldn’t have happened — even to SVB or to us. And that wasn’t something that could have been anticipated by regulators.”
The Democrats have not learned that they can’t get away with blaming Trump for all of the idiotic policies formulated in the Oval Office and perpetrated by his bosses as well as his underlings.
The FDIC insures accounts up to $250,000, but Biden has proclaimed that your tax dollars will go to the people who made a lousy investment decision.
90% of the accounts in the bank exceed $250,000. Many of those accounts belong to Chinese companies that were held at the Silicon Valley Bank.
Is that Biden’s reason for the unprecedented federal largesse? I was shocked to find this out. You could have knocked me over with a Sherman tank.
