According to the media and establishment politicians, everything is always Donald Trump’s fault.
Their hatred of Trump colors everything they think and say about him.
But former left-wing Congressman Barney Frank said Democrats are wrong to blame Donald Trump for bank collapses.
Americans are growing more and more concerned over the recent string of bank failures, as well as the government’s decision to bail out the wealthy while leaving the rest of society holding the bag.
Naturally, many Americans are now trying to figure out who to blame for the bank failures.
It must be Trump’s fault
Democrats, including President Joe Biden and Senator Elizabeth Warren (D-MA), are trying to blame Donald Trump for the sudden collapse of two banks, Silicon Valley Bank and Signature Bank.
And of course, that means their PR firms in the left-wing media are out in full force trying to throw Trump under the banking bus.
But former radical leftist Massachusetts Congressman Barney Frank, a lead sponsor and author of the Dodd-Frank Act, totally disagrees with these attempts to blame Trump.
The Dodd-Frank Act, signed into law by then-President Barack Obama in 2010, made significant changes to both Wall Street regulations and federal financial regulatory agencies in the aftermath of the financial meltdown of 2008.
The bill, though widely controversial, was theoretically designed to try and protect Americans from a future crisis.
Instead, it only made things worse.
But now Democrats are claiming Trump is responsible for the recent bank failures because he signed a bill into law that rolled back some of the worst regulations enacted by the Dodd-Frank Act.
Rolling back regulations
“During the Obama-Biden administration, we put in place tough requirements … to make sure the crisis we saw in 2008 would not happen again,” Biden said. “Unfortunately, the last administration rolled back some of these requirements.”
Senator Warren added that “in 2018, the big banks won. With support from both parties, President Donald Trump signed a law to roll back critical parts of Dodd-Frank regulations.”
It is true that Trump signed the bill into law.
But Biden and Warren failed to mention in their attacks on the former President that rolling back the regulations had widespread bipartisan support.
In fact, 17 Senate Democrats and 33 House Democrats supported the bill, proving the move was truly bipartisan.
Of course, the rollbacks fell far short of what should have been done, which was to completely repeal Dodd-Frank.
What is Barney Frank saying about Trump and collapsing banks?
In a recent interview with Politico, Barney Frank said the 2018 regulation rollback did not have any impact on the failure of banks.
“I don’t think that had any impact,” the former Massachusetts Congressman and leftist icon said. “They hadn’t stopped examining banks.”
And it should be stressed that Frank is not a pro-Trump, partial financial analyst.
In fact, Frank sat on the board of the New York-based Signature Bank until it was shut down recently.
But even with his close involvement and clear personal losse, Frank does not believe the rollback of regulations contributed to the downfall of Silicon Valley Bank and Signature Bank.
Now it’s time to finish the job and fully repeal Dodd-Frank.
Patriot Political will keep you up-to-date on any developments to this ongoing story.
