Society & Politics

How does someone not take responsibility of damage they cause?

https://www.huffpost.com/entry/republicans-silicon-valley-bank-deregulation_n_64122a06e4b0bc5cb64e25ab
Republicans Accept No Blame For Bank Failures After They Voted To Deregulate Banks

Senate Republicans insist that the bank deregulation bill Donald Trump signed into law five years ago had nothing to do with the bank failures that caught regulators off guard this month.
Instead, Republicans blame the regulators for failing to spot problems on balance sheets at Silicon Valley Bank in California and Signature Bank in New York.

“Where were the regulators?” Sen John Kennedy (R-La.) said on the Senate floor. “This whole debacle could have been avoided if the regulators had just done their job and stepped in and said, ‘Silicon Valley Bank, what you’re doing is dumb, and you can’t do it anymore.’”
Kennedy omitted a key detail from his remarks. He and the other members of the Senate Banking Committee — including several of the panel’s Democrats — wrote a bill in 2018 that told regulators they could relax their scrutiny of institutions like Silicon Valley Bank. (BuzzFeed, HuffPost’s parent company, banked with SVB.)

The Dodd-Frank Wall Street Reform bill Congress passed after the 2008 financial crisis imposed special oversight rules on banks with more than $50 billion in assets. Ten years later, at the behest of the regional banking industry, the bipartisan bank bill raised the threshold for those prudential standards so that they were only mandatory for banks with $250 billion in assets.
The Congressional Budget Office and some banking experts warned the bill would increase the risk of a financial crisis. The CBO specifically warned that the bill increased the risk that a mid-sized financial institution would fail. And that is what happened in the case of Silicon Valley bank.

How does someone not take responsibility of damage they cause?
Post Opinion
California New York