After the failure of Silicon Valley Bank (SVB) and Signature Bank, Congress, President Biden, and banking regulators are pushing for reversing the 2018 law that weakened regulations on certain banks. Senator Elizabeth Warren, D-Mass., wants immediate action, saying in a New York Times Editorial that “Congress, the White House and banking regulators should reverse the dangerous bank deregulation of the Trump era.” Representative Katie Porter, D-Calif., is also looking to create legislation that would undo the deregulation rules, saying in an email to supporters that “I have no problem standing up to Wall Street, so I'm writing legislation to reverse that risky law.”

President Biden added his voice to the chorus, saying in a speech that “during the Obama-Biden administration, we put in place tough requirements on banks, like Silicon Valley Bank and Signature Bank, including