California-based Silicon Valley Bank and the New York-based Signature Bank, which had more than $200 billion and $110 billion in assets, respectively, both collapsed and were taken over by federal regulators.

Congress must repeal the Trump-era law, which was supported by both Republicans and Democrats, say advocates and some lawmakers.

“It’s a wake-up call,” Renita Marcellin, advocacy and legislative director for Americans for Financial Reform, a financial reform group in Washington, D.C., told USA TODAY. “Congress should be thinking and starting to figure out how to repeal this law.”

President Biden is facing strong pushback from Republicans challenging his claim that U.S. taxpayers won’t foot the bill for rescuing wealthy investors who deposited their money in Silicon Valley Bank, which federal regulators now control.

GOP senators argue the banks around the country that pay into the Federal Deposit Insurance Corporation (FDIC), which will cover depositors’ losses, are also U.S. taxpayers and that higher bank fees are likely to be passed down to consumers.

They also have questions about the creation of a new lending facility the Federal Reserve announced on Sunday to provide other banks with liquidity if depositors begin to demand their money back en masse as they did at Silicon Valley Bank.

The Fed’s new Bank Term Funding Program will be backed up by $25 billion the Treasury Department will make available from the Exchange Stabilization Fund, which Congress relied on to keep financial markets from freezing at the onset of the COVID-19 pandemic.

One of my biggest disappointments in Pres. Obama is his administration’s refusal to prosecute the “big dawgs” on Wall Street that basically orchestrated the massive Collapse of mortgage, financial and banking industries in 2008. A few tiny dogs paid the price.

That’s about it.