SVB, Goldman Sachs, and the $50 Million Scandal

Mid-size banks spent nearly $50 million on lobbying efforts to support the 2018 legislation that eliminated oversight rules, which experts say could have prevented the recent collapse of Silicon Valley Bank. The legislation eliminated key reforms instituted by the Dodd-Frank Act in 2010 for banks with between $50 billion and $250 billion in assets. Critics blame the weakened standards for a pair of bank failures that put the US financial system on the brink of systemic failure.