Biden seeks to show stability in bid to avert banking chaos
WASHINGTON (AP) — In 2016, Vice President Joe Biden warned against efforts to unravel banking regulations that Democrats had fought to implement following the nation’s financial crisis, just as the emerging Trump administration was determined to loosen those strict banking rules.
Biden argued that without the far-reaching 2010 banking overhaul known as Dodd-Frank, financial institutions would continue to gamble with consumers’ cash and ultimately hurt the middle class.
“We can’t go back to the days when financial companies take massive risks with the knowledge that a taxpayer bailout is around the corner when they fail,” Biden said in a speech at Georgetown University in the waning days of the Obama administration.
Now there’s a banking crisis on his watch as president, and Biden is moving aggressively to assure the public that it is contained, bank executives will be fired, deposits are safe and taxpayers aren’t on the hook — measures also designed to calm jittery financial markets.
https://apnews.com/article/biden-wall-street-silicon-valley-banks-trump-e6c27850d35d7f782fc6af9498925e7f
