US Banking Turmoil Sparks Calls for Stronger Regulations and Safeguards.
TL;DR Summary
Senator Elizabeth Warren has launched a wide-ranging offensive against the banking industry and the 2018 deregulation law signed by former President Trump that raised the threshold for banks subject to federal scrutiny from $50 billion to $250 billion. Warren's ongoing criticism is poised to cause a headache for President Biden and other Senate Democrats, especially those who voted for the 2018 rollback and are up for reelection in 2024. Dozens of Senate and House Democrats have since co-sponsored Warren’s bill, but it will be a non-starter in the GOP-controlled House or face a Republican filibuster in the Senate.
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