In 2018, then-President Donald Trump signed into law a rollback of parts of the Dodd-Frank Act, a financial reform legislation passed in 2010 in response to the 2008 financial crisis. The move was seen as a major victory for the banking industry, providing much needed regulatory relief for midsized banks such as Silicon Valley Bank (SVB).
However, the move has since been criticized for contributing to the collapse of several banks in the wake of the COVID-19 pandemic. GOP presidential contenders have cast blame on Trump for the bank collapses, citing the 2018 law as a factor. In response, the Biden Administration is working on legislation in the House to reverse the 2018 law, which was led by Republicans and signed by then-President Donald Trump.
Despite the criticism, Trump has remained defiant, and has even escalated his attacks against Ron DeSantis, the Republican governor of Florida, who he endorsed in 2018. Trump has said he regrets endorsing DeSantis and has blamed the bank collapse on his 2018 decision to loosen banking rules enacted in the wake of the 2008 financial crisis.
In response to the criticism, President Biden has announced an Executive Order that will increase the number of federally insured banks in the United States from roughly 1,700 in 2018 to more than 6,100 in 2022. The order is meant to provide more banking options for Americans and reduce the risk of bank collapses in the future.
The Biden Administration has also taken steps to combat Russian interference in the 2018 presidential election. In a recent report, the U.S. intelligence community concluded that Russia had interfered in the 2020 election in a "sophisticated and sustained" manner. The report suggested that Russia - whose interference in the 2018 presidential election was exposed the following year by the New York Times - may have been attempting to influence the outcome of the election.
Finally, the Biden Administration has paid tribute to the late President George H. W. Bush, who died in late 2018 at 94. The nation's 39th president has kept a low public profile in recent years due to the coronavirus pandemic but was remembered for his service to the country and his commitment to public service.
