The Virginia lawmaker, who was among 17 Senate Democrats in 2018 to vote in favor of a partial rollback of banking regulations under the Dodd-Frank Act passed in the aftermath of the 2008 financial crisis, said he “has never been influenced by campaign contributions on any issue.”
Stocks gained Monday as fears eased about the potential for a contagion of bank collapses, and investors looked for the Federal Reserve to scale back an aggressive interest-rate increase this week. The Dow Jones Industrial Average was up 382 points, or 1.2%, to close at 32,244 points. Rep. Patrick McHenry, North Carolina Republican and House Financial Services Committee chairman, and Sen. Tim Scott of South Carolina, top Republican on the Senate banking committee, demanded information Monday from the Federal Reserve and the FDIC about their regulatory actions on SVB and Signature Bank for the two years leading up to their collapse.
“These rules were designed to safeguard our banking system and economy from the negligence of bank executives like yourself – and their rollback, along with atrocious risk management policies at your bank, have been implicated as chief causes of its failure,” Ms. Warren wrote.
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