No, Wall Street Was Never Deregulated

Source: Libertarian Institute
by Norbert Michel & Nicholas Anthony

“In March 2018, The New York Times ran an op‐​ed about the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Economic Growth Act). The piece claimed the bill ‘would roll back or eliminate parts of the Dodd‐​Frank Act.’ Fast forward to March 2023, when the Times ran an op‐​ed by Senator Elizabeth Warren (D‑MA) about the Silicon Valley Bank failure. In it, Warren points to the Economic Growth Act and argues the demise of Silicon Valley Bank was ‘the direct result of leaders in Washington weakening the financial rules.’ … the Economic Growth Act amended the Federal Reserve’s ‘enhanced supervision and prudential standards for certain bank holding companies.’ (Emphasis added.) That is, the Economic Growth Act amended how the Fed can regulate the companies that own commercial banks, not how it can regulate the commercial banks themselves.” (03/15/23)