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      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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