Silicon Valley Bank chief pressed lawmakers to weaken bank risk regulations
The Lever reports: Eight years before the second-largest bank failure in American history occurred this week, the bank’s president personally pressed Congress to reduce scrutiny of his financial institution, citing the “low risk profile of our activities and business model,” according to federal records reviewed by The Lever. Three years later — after the bank spent more than half a million dollars on federal lobbying — lawmakers obliged. On Friday, California regulators shut down the Silicon Valley Bank (SVB), a…