On Friday, the Federal Deposit Insurance Corporation (FDIC) shut down Silicon Valley Bank after it lost $2 billion. Liberals have taken to social media to place blame on former President Donald Trump for this collapse, citing a 2018 bipartisan bill that they say he failed to enforce.
The FDIC determined that the bank’s losses were due in part to its failure “to comply with certain regulatory requirements” and noted that Silicon Valley Bank had been under heightened supervision since 2017. The FDIC also said there was evidence of “unsafe or unsound banking practices.”
Liberals argue that if Trump had enforced the 2018 bipartisan bill, which aimed at strengthening oversight of banks by increasing transparency and accountability measures, then Silicon Valley Bank would not have collapsed. They claim his lack of enforcement allowed for unsafe banking practices within these institutions which ultimately led them into financial ruin during his presidency.
Trump has yet to comment on these accusations but many are calling for him to take responsibility for what happened as well as provide answers about why he did not enforce this legislation when it was passed two years ago.