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      Sen. Steve Daines speaks to reporters

      Bankers Applaud as GOP Senator Dismisses Calls for Regulations After SVB Collapse

      The American Bankers Association, whose PAC has donated to Sen. Steve Daines, welcomed the Republican's defense of a 2018 law that weakened post-financial crisis regulations.

      Jake Johnson
      Mar 22, 2023

      Republican Sen. Steve Daines of Montana garnered applause from a room full of bankers on Tuesday after he dismissed calls for tougher regulations following the collapse of Silicon Valley Bank and Signature Bank.

      "There are a lot of talking heads out there who are saying that the solution is more regulation, and I strongly disagree," Daines said in remarks to the American Bankers Association's Washington Summit, an annual gathering of bank CEOs and other top executives.

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      steve daines
      Greg Becker, President and CEO of Silicon Valley Bank

      Curbing Bad Behavior of Bank CEOs Isn't as Hard as They Make It Seem

      Dodd-Frank includes Wall Street pay restrictions that could've held executives like SVB's Greg Becker accountable for their dangerous short-sightedness. But regulators consistently fail to implement this part of the law.

      Sarah Anderson
      Mar 21, 2023

      Greg Becker, the deposed chief executive of Silicon Valley Bank, is facing growing demands to cough up the millions of dollars he raked in from stock sales soon before the bank’s sudden demise.

      On March 17, the White House called on Congress to pass legislation to claw back compensation, including gains from stock sales, from Becker and other executives at SVB, as well as at Signature Bank SBNY.

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      Opinion
      banking crisis
      Sen. Mike Crapo arrives for a news conference

      GOP Author of Bank Deregulation Law Says 'No Need' for Tougher Safeguards

      "You have to be hard-core committed to mindless free-market fundamentalism—or truly in thrall to your donors—to insist there's no need for new regulations after Silicon Valley Bank," said one critic.

      Jake Johnson
      Mar 16, 2023

      Republican Sen. Mike Crapo, the lead author of a 2018 bank deregulation law that weakened key guardrails designed to prevent another financial crisis, insisted this week that there is "no need" to impose more strict rules following two of the largest bank collapses in U.S. history.

      "There is no need for regulatory reform," said Crapo, who chaired the Senate Banking Committee when Congress passed the 2018 law despite vocal warnings from experts that it would destabilize the banking sector. Dozens of Democrats supported the measure.

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      bank deregulation
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