Virginia senator Tim Kaine was one of 16 Senate Democrats who voted in 2018 to roll back some of the post-financial crisis regulations on mid-size banks. The Dodd-Frank rules were designed to prevent a repeat of the rolling disasters of 2009 and outline how banks manage risk and how much capital they have to keep in reserve. Kaine thought they were too onerous. But he admits he’d never seen a bank run start on Twitter.
“That was not a reality we were really thinking that much about when Dodd-Frank was done,” Kaine says. “We better think about it now.”
Silicon Valley Bank collapsed earlier in March after it became clear it
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