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Going after "wokeness" to blame a bank collapse is like going after Iraq when you were attacked by 15 Saudis. - John Fugelsang
WASHINGTON ― Former President Donald Trump on Monday blamed “wokeness” for the collapse of Silicon Valley Bank rather than the law he signed in 2018 that gutted the Dodd-Frank federal regulations on smaller banks.
Trump bragged within days of taking office that he would go after the Dodd-Frank Act, which was signed by President Barack Obama in 2010 after the 2008 financial crisis and which forced banks to be more conservative in investing their depositors’ money.
“Dodd-Frank is a disaster. We’re going to be doing a big number on Dodd-Frank,” Trump said on Jan. 30, 2017, as he signed an executive order requiring that agencies eliminate two regulations for each new one they wanted to implement.
Sixteen months later, he signed a bill that freed regional banks like SVB from many Dodd-Frank rules. “They shouldn’t be regulated the same way as the large, complex financial institutions,” he said. “As a candidate, I pledged that we would rescue these community banks from Dodd-Frank, the disaster of Dodd-Frank, and now we are keeping that commitment.”
Despite this, Trump in recent days has been blaming corporate “wokeness.” On Sunday and Monday, Trump amplified posts claiming that SVB’s policies regarding diversity and environmentalism were behind the bank’s failure. (BuzzFeed, HuffPost’s parent company, banked with SVB.)
“The same wokeness that pushed banks to dish out subprime mortgages to unqualified buyers and crashed the economy in 2008 has now rebranded as ESG and DEI and is crashing our financial system again in 2023,” read one post by lawyer and “commie fighter” Rogan O’Handley that Trump shared with his 5 million followers on his social media platform, Truth Social. He was referring to “environmental, social and governance” guides on socially responsible investing and to “diversity, equity and inclusion” considerations in business.
https://www.yahoo.com/news/trump-bragged-gutting-dodd-frank-005804658.html
WASHINGTON ― Former President Donald Trump on Monday blamed “wokeness” for the collapse of Silicon Valley Bank rather than the law he signed in 2018 that gutted the Dodd-Frank federal regulations on smaller banks.
Trump bragged within days of taking office that he would go after the Dodd-Frank Act, which was signed by President Barack Obama in 2010 after the 2008 financial crisis and which forced banks to be more conservative in investing their depositors’ money.
“Dodd-Frank is a disaster. We’re going to be doing a big number on Dodd-Frank,” Trump said on Jan. 30, 2017, as he signed an executive order requiring that agencies eliminate two regulations for each new one they wanted to implement.
Sixteen months later, he signed a bill that freed regional banks like SVB from many Dodd-Frank rules. “They shouldn’t be regulated the same way as the large, complex financial institutions,” he said. “As a candidate, I pledged that we would rescue these community banks from Dodd-Frank, the disaster of Dodd-Frank, and now we are keeping that commitment.”
Despite this, Trump in recent days has been blaming corporate “wokeness.” On Sunday and Monday, Trump amplified posts claiming that SVB’s policies regarding diversity and environmentalism were behind the bank’s failure. (BuzzFeed, HuffPost’s parent company, banked with SVB.)
“The same wokeness that pushed banks to dish out subprime mortgages to unqualified buyers and crashed the economy in 2008 has now rebranded as ESG and DEI and is crashing our financial system again in 2023,” read one post by lawyer and “commie fighter” Rogan O’Handley that Trump shared with his 5 million followers on his social media platform, Truth Social. He was referring to “environmental, social and governance” guides on socially responsible investing and to “diversity, equity and inclusion” considerations in business.
https://www.yahoo.com/news/trump-bragged-gutting-dodd-frank-005804658.html
