U.S. Senate — U.S. Senator Steve Daines, member of the U.S. Senate Banking and Senate Finance Committees, today released the following statement in response to President Biden’s calls for increased regulation on the banking sector:
“The Biden administration has a perfect record at never letting a crisis go to waste in order to pound the private sector with more burdensome regulations. Two things clearly accelerated SVB’s collapse: crushing inflation from Democrat spending and the same woke nonsense the Biden administration has been obsessing about for two years. What we don’t need is more onerous regulations on well-managed and sound Montana banks that didn’t fail.”
Today, President Biden called on Congress to empower bank regulators in response to the failure of Silicon Valley Bank and Signature Bank and the bank-led bailout of First Republic Bank. Read more HERE.