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Sen. Elizabeth Warren is pointing the finger squarely at Congress in the fault-finding over the failure of Silicon Valley Bank, which sent tremors through the financial system.
Ms. Warren, Massachusetts Democrat and a champion of stricter oversight of the financial sector, blamed the chaos on a Trump-era measure that weakened protections of the Dodd-Frank law that was passed to protect consumers in the wake of the 2008 financial collapse.
“No one should be mistaken about what unfolded over the past few days in the U.S. banking system: These recent bank failures are the direct result of leaders in Washington weakening the financial rules,” Ms. Warren, who ran for president in 2020, wrote in a New York Times opinion piece. “In 2018, the big banks won. With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank.
