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Julia Rock is a reporter for the Lever.
Five years before customers fled Silicon Valley Bank en masse, federal regulators acknowledged that the nature of the bank’s deposits made it especially susceptible to such bank runs — but did nothing to reduce the risk.
In 2021, the Fed approved a merger application from Silicon Valley Bank with Boston Private Bank and Trust, believing that the newly enlarged institution presented no danger to the financial system. After SVB’s collapse, the Fed is changing its tune.
In the months before Silicon Valley Bank’s collapse, the bank’s lobbying groups fought a proposal requiring financial institutions to increase payments into the Deposit Insurance Fund that protects depositors from bank failures.
The news of Silicon Valley Bank’s recent collapse is dominating headlines. Just eight years ago, SVB’s president pushed legislators to exempt more midsize banks — including SVB — from regulations passed in the wake of the 2008 financial crisis.
In February, the Consumer Financial Protection Bureau proposed a rule that would limit most credit card late fees to $8. The rule is being fought by a group of House Republicans who took more than $600,000 from credit card companies in the last election cycle.
Sen. John Thune, a former railroad lobbyist, is positioning himself to help kill rail safety legislation meant to prevent disasters like the recent East Palestine derailment. It’s one of many examples of the rail industry’s “revolving door” in Washington, DC.
In the wake of the East Palestine derailment, New York governor Kathy Hochul is calling for stricter federal regulations on hazmat trains. But last December, Hochul vetoed a proposed state law to improve rail safety by requiring minimum two-person train crews.
Following a career in the Senate championing private equity, Pennsylvania Republican Pat Toomey has left office to join the board of a private equity giant in yet another instance of the cozy relationship between Washington and the finance industry.
The Department of Justice is backing railroad giant Norfolk Southern’s attempt to limit where workers and consumers can bring cases against corporations, making it easier for the firm to block future lawsuits.
In the wake of a disastrous rail accident in Ohio, Secretary of Transportation Pete Buttigieg says he doesn’t have the power to compel the rail industry to upgrade its safety equipment and procedures. But he does.
The recent train derailment in Ohio shows the need for more stringent safety rules for train brakes, especially for trains carrying hazardous materials. Transportation regulators are instead bending to the interests of rail industry lobbyists.
For years, rail companies have resisted federal safety regulations to cut costs. The major train derailment in Ohio last weekend, which resulted in the emergency evacuation of residents nearby, is the fruit of such profit maximization.
At the October 2022 summit of the National Restaurant Association’s legal wing, union-busting lawyers shared their latest strategies for shutting down workplace democracy. Recent food service union successes, it seems, have worried industry executives.
Last week, the Supreme Court heard arguments in a case with high-stakes consequences for the labor movement. Corporate lobbying groups are pressuring the court, vilifying unions as violent and harmful so as to combat the national labor organizing surge.
Big pharma justifies its exorbitant prices by arguing that the huge profits it nets from price markups will be spent on research. Yet the industry clearly prefers to funnel its profits to shareholders — which means enriching the already rich rather than spurring medical innovation.
A new federal proposal would punish banks that have committed crimes by preventing them from managing retirement funds. Wall Street disagrees — and is deploying an army of lobbyists to block the proposal.
After forcing a contract on exhausted railworkers last week, President Joe Biden vowed to keep fighting for them to have paid sick leave. If he’s serious, here is how he and Transportation Secretary Pete Buttigieg could fulfill that promise.
Joe Biden is standing with railroad barons to force a deal on workers who are demanding a reasonable amount of paid sick leave. It’s the latest and possibly starkest example of the chasm between his pro-worker rhetoric during his campaign and his presidency.
A massive tax loophole created by state legislatures currently allows tax breaks to Americans who make over $1 million a year, amounting to an estimated $50 billion by 2025. Joe Biden now has an easy opportunity to close that loophole.
The Department of Justice has announced it will stop opposing efforts to discharge student debt through bankruptcy — a victory for the advocacy groups who have continuously made this demand on the Biden administration.