Wednesday, March 15, 2023
By: KATU Staff
PORTLAND, Ore. – Five days ago, Silicon Valley Bank collapsed, causing a ripple effect in the banking industry with investors dumping bank stocks and regulators gaining control over Signature Bank.
This was the largest bank crash since the 2008 financial crisis, and Oregon Senator Jeff Merkley is blaming the previous administration for the collapse.
“What we do know is that the legislation Trump pushed through in 2018 really reduced the amount of stress tests, the liquidity standards, the capital standards, the oversight. And that’s always a mistake,” Merkley said.
“Every banking crisis seems to follow deregulation,” he continued.
In this week’s Connect to Congress, Sen. Merkley commented on the Texas judge who is considering a lawsuit that would put a nationwide halt on the use of the drug mifepristone.
He also talked about the ongoing fentanyl crisis, the unmanned U.S. military drone colliding with a Russian fighter jet, access to clean drinking water, and how he is introducing the “Monarch Act” to protect the monarch butterfly from extinction.