Who’s responsible?

H ow could you not laugh at the manure that comes out of Ron DeSantis’s mouth, when he blames the Silicon Valley Bank’s demise on diversity initiatives and federal regulations.

DeSantis must have a very short memory because as a member of Congress, he was very outspoken and a champion for lifting regulations on small and mid-sized banks.

In 2018 he voted for a bill that became law loosening oversite of these institutions. Afterall, he repeatedly boasted about Republican votes to repeal Dodd-Frank in several interviews on Fox Business Network.

Our ultra-far-right conservatives like Speaker of the House Kevin McCarthy have more than likely forgot that it was their beloved Royal Highness Donald Trump who rolled back regulations known as the Dodd-Frank Act passed by Congress and signed by President Barack Obama in the aftermath of the 2008 financial crisis, including some for smaller and medium-sized institutions. This was after the law, passed with bipartisan support.

The ultra-hard right, are blaming bank failures on what they love to call “woke social and environmental policies.” They have said investments and diversity, equity, and inclusion policies are what cause the banks to fail. What a crock.

Talk about a dubious and unproven theory with very little factually fraught claims. Most experts agree there’s no evidence that these kinds of policies led to the bank’s demise.

President Biden is urging Congress to make it easier to punish bank executive. In addition, the president wants to make it harder for executives of these failed banks to get jobs at other financial institutions.

President Biden wants to be able to rescind bonuses and stock sale gains collected by executives whose actions cause bank failures.

The president said, “No one is above the law and strengthening accountability is an important deterrent to prevent mismanagement in the future.”

George Jung Antelope Acres