Gotta keep those DNC campaign contributions coming.
Thomas Massie
@RepThomasMassie
Just got off of a zoom meeting with Fed, Treasury, FDIC, House, and Senate.
A Democrat Senator essentially asked whether there was a program in place to censor information on social media that could lead to a run on the banks.
https://twitter.com/RepThomasMassie/status/1635074378454147074
Probably in some OCC records.
Office of the Comptroller of the Currency
is "the" regulator for all commercial banks that have a bank charter.
https://occ.treas.gov/
IF they are classified as a "Savings and Loan" then the regulator is "OTS" Office of Thrift Supervison
Chuck Callesto
@ChuckCallesto
·
11m
BREAKING NOW: Biden to give a speech on his FINANCIAL CRISIS Monday..
In other words, Biden to BLAME Trump..
Watch for the talking points..
David Sirota
@davidsirota
The president of Silicon Valley Bank held a fundraiser at his home for Democratic Sen.
@MarkWarner
before Warner then voted to deregulate Silicon Valley Bank.
https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/
https://twitter.com/davidsirota/status/1634969905908027392
Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by The Lever.
Three years later — after the bank spent more than half a million dollars on federal lobbying — lawmakers obliged.
In 2015, SVB President Greg Becker submitted a statement to a Senate panel pushing legislators to exempt more banks — including his own — from new regulations passed in the wake of the 2008 financial crisis. Despite warnings from some senators, Becker’s lobbying effort was ultimately successful.
Touting “SVB’s deep understanding of the markets it serves, our strong risk management practices,” Becker argued that his bank would soon reach $50 billion in assets, which under the law would trigger “enhanced prudential standards,” including more stringent regulations, stress tests, and capital requirements for his and other similarly sized banks.
Becker insisted that $250 billion was a more appropriate threshold.
http://archive.today/2023.03.11-023432/https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/
Around that time, federal disclosure records show the bank was lobbying lawmakers on “financial regulatory reform” and the Systemic Risk Designation Improvement Act of 2015 — a bill that was the precursor to legislation ultimately signed by President Donald Trump that increased the regulatory threshold for stronger stress tests to $250 billion.
https://www.congress.gov/bill/115th-congress/senate-bill/2155
Here's the bill we need to read.
Took a bit to find it.
(Sec. 210) The bill amends the Federal Deposit Insurance Act to increase the asset limit below which certain depository institutions are eligible for an 18-month, instead of a 12-month, examination cycle.
Bill Melugin
@BillFOXLA
NEW: This is the bilateral show of force that dispersed the huge group of migrants trying to rush a port of entry in El Paso today. Two lines of Mexican military, then on the US side, physical barriers, barbed wire, and a skirmish line of CBP officers in crowd control gear.
https://twitter.com/BillFOXLA/status/1635088120894087168