Biden Blames Bank Failures on Trump Administration Rolling Back Dodd-Frank Law

Biden: “We must get the full accounting of what happened and why those responsible can be held accountable. In my administration, no one, in my — no one is above the law. And finally, we must reduce the risks of this happening again. During the Obama-Biden Administration, we put in place tough requirements on banks like Silicon Valley Bank and Signature Bank, including the Dodd-Frank Law, to make sure the crisis we saw in 2008 would not happen again. Unfortunately, the last administration rolled back some of these requirements. I’m going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely that this kind of bank failure will happen again.”