Larson: Dodd-Frank was right

East Hartford, CT – Today, Rep. John B. Larson (CT-01) released the following statement after the Silicon Valley Bank failure. Under the Trump Administration, Rep. Larson voted against a Republican-led provision that weakened the 2010 Dodd-Frank Act’s regulations of small and mid-sized banks.  

“President Biden is taking strong action to respond to the bank’s failures, but the fact is that the Dodd-Frank Act was the right policy,” said Larson. “That law was the right thing to do after the 2008 financial crisis, but Republicans under President Trump weakened the regulations that would have applied today, a move I was proud to vote against. I agree with the decision to ensure that depositors are made whole so that their employees can continue to receive paychecks and not suffer as a result of the bank’s decisions. It’s nice to know that our own United States Senator Chris Dodd was right when he led the charge to pass these regulations. But we must act in Congress to take action to prevent these kind of failures from happening again.” 

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