President Joe Biden’s call on Monday for Congress to toughen rules on banks after the collapse of Silicon Valley Bank doesn’t appear to be gaining enough traction to enact a new law, with even members of his own party suggesting regulators were asleep at the wheel.
Sen. Elizabeth Warren, D-Mass., and Rep. Katie Porter, D-Calif., were quick to follow Biden’s lead, saying Tuesday that 16 Democratic senators and 31 Democratic House members supported their draft legislation that would repeal the 2018 law that eased regulations on some banks, including Santa Clara, Calif.-based SVB.
But of the 16 Senate and 33 House Democrats who voted for the 2018 law, none of those still in office signed on to Warren and Porter’s bill, including Senate Banking members Mark Warner of Virginia or Jon Tester of Montana.
