The former president in 2018 rolled back requirements for banks of certain sizes to be stress tested by the Federal Reserve.
to lessen regulation that placed higher scrutiny on certain banks, claiming that SVB had a"low risk profile of our activities and business model." By 2018, his bank had spent roughly $500,000 to lobby for the changes that Trump ultimately signed into law, according to The Lever, an investigative news outlet.
The rules rolled back by the bill were first introduced in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act, a sweeping reform law signed by former Presidentto address issues in the financial sector in the wake of the 2007-2008 global financial crisis and the Great Recession. As noted in a tweet on Saturday from businessman and former Obama economic adviser Robert Wolf, the Dodd-Frank Act originally required banks with over $50 billion in assets to submit to stress testing.
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