The Dodd-Frank bill was initially objected by officials and experts, with some calling it “a significant mistake” while others, like Sen. Warren, believing the bill would “make it easier for banks to run up risk...[and] put American families in danger.”
with the office of Rep. Kevin McCarthy, R-Calif., then the House Majority Leader and now speaker of the House, in the effort.
In the end, 17 Democratic senators joined Republicans in passing the bill, allowing it to overcome the legislative filibuster and make its way to Trump’s desk in May. Thirty-three Democrats supported it in the House, which was controlled by a Republican majority at the time. “Authors of the bill argue that the regulators could still enforce tighter rules on some of these banks,” Konczal added. “But history tells us they won’t until it is too late.”
“The rules were not meant to only apply to the largest handful of systemically important firms,” Barr wrote.that he saw little risk of a situation like the one that would ultimately befall SVB.
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