The bill would lower the asset threshold for banks to qualify for added oversight, which was raised to $250 billion in a 2018 Republican deregulation bill.
A similar bill was introduced in the House by Rep. Katie Porter, a California Democrat and one of several members of the House vying for the seat of retiring Sen. Dianne Feinstein. Both bills have a number of Democratic co-sponsors, but a complete list was not available Tuesday evening.
"If Congress and the Federal Reserve had not rolled back key provisions of Dodd Frank, these banks would have been subject to stronger liquidity and capital requirements... and regulators standing at their shoulder, looking more closely at every part of the bank's business," said Warren. "But because those stringent requirements were taken out of Dodd Frank, when an old fashioned bank run hit SVB, the bank could not withstand the pressure," she said.
In the Senate, there are 13 members of the current Democratic caucus who joined Republicans in 2018 to vote for the regulatory rollback of Dodd-Frank, including Virginia Sen. Mark Warner, who leads the Senate Intelligence Committee. Warner has defended his 2018 vote in recent days, and his comments underscore the difficulty Warren is likely encounter in seeking to repeal the 2018 rules.last weekend of his 2018 vote. "These mid-sized banks needed some regulatory relief," he told ABC News' "This Week."
While the repeal's path forward in the Senate is tricky, its path in the Republican-controlled House is all but impassible.
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