GOP Blames Biden for Bank Failures After Deregulating Banks Themselves.

Senate Republicans are blaming regulators for failing to spot problems on balance sheets at Silicon Valley Bank and Signature Bank, while insisting that the bank deregulation bill they voted for in 2018 had nothing to do with the bank failures. The Dodd-Frank Wall Street Reform bill imposed special oversight rules on banks with more than $50 billion in assets, but the bipartisan bank bill raised the threshold for those prudential standards so that they were only mandatory for banks with $250 billion in assets. Critics warned the bill would increase the risk of a financial crisis, and the failure of Silicon Valley Bank has been attributed to the rollback of regulations.