In a surprise move last week the freshman congressman agreed to cosponsor a republican bill literally aimed at making sure people like george santos, congressmen, cannot profit off of stuff they made up. the bill is titled and i quote, the no fortune for fraud act one of the republican cosponsors for that bill notes on his website the bill is, quote, inspired by george santos. the controversies they just keep finding, george santos last week we learned the latest one which accuses him of being involve in a 2014 credit card scam he s vehemently denied those allegation that is the show for tonight and we ll see you again tomorrow way too early with jonathan lemire is coming up next even if you put in your checkbook or i put in my checkbook i bought a car and i
Good morning though both parties pointing finger at the other, some blame pointed to deregulation put forth during donald trump s presidency 50 democrats voted for that bill back in 2018 what are saying about that jonathan, one of washington s favorite games the blame game, it s currently well under way for this collapse of silicon valley bank. something that number of democrats are coalessing are around, that rolled back some of that rolled back some of the regulations put in place under the 2010 dodd/frank bill, they re saying that contributed to this ultimate collapse of svb last weekend president biden i will say is one of those democrats who blamed the 2018 deregulation bill the only catch is, as you mentioned, is that while former president donald trump a republican president did sign
Hill like senator warren, they really want to repeal a 2018 bill that deregulated part of the regional banking industry. the key change in that 2018 bipartisan bill was raising the threshold of what constitutes a big bank that needs to be scrutinized from $10 billion to $250 billion, and silicon valley bank was notably a $200 billion bank moderates on that committee, though, and i should say in congress are a little more cautious about this. they don t want to dive right in and republicans have been very cautious about touching this issue so far i know there s been speculation as to the role the trump era deregulation played in this democrats on the hill have introduced a new bill that they think can that can prevent these sort of measures talk to us about that legislation and where we think it s going last night senators elizabeth
Warren and representative katie porter of california introduced a bill that in their words would root and branch remove this bill s2155 from 2018 that introduced these key deregulations. they want to get rid of it they think it introduced too much risk into the regional banking system, and regional banking system risks if you ll notice $200 billion is a very large bank. the thing about that when banks fail they usually need to be absorbed by other larger banks, but there s only so many other banks that can afford to eat absorb a $200 billion institution. the list is really small, so it s just not easy to deal with on the regulatory front. yesterday we did see a stabilization of bank shares on wall street. financial services reporter at
Strong indication. in a surprise move last week the freshman congressman offered to cosponsor a republican bill, literally aimed at making sure peopl like george santos, congressman, cannot profit off of stuff the made up. if they have been convicted of certain crimes the bill is titled, and i quote, the no fortune for fraud act one of the republica cosponsors of that bill, not on his website, the bill is, quote, inspired by georg santos the generous offer to have santos co-sponsor that bill wa denied the controversies that - keep finding george santos last week, we learn the latest one, which accuses him of bein involved in a 2017 credit card fraud scam the congressman santos was vehemently denied thos allegations. that is the show for tonight we ll see you again tomorrow now it s time for the last wor with lawrence o donnell. good evening, lawrence good evening, alex. i got my earpiece in just time to hear you say, the word embroiled. and i knew the words georg