Expert: Financial industry’s lobbying can hurt ordinary people

The collapse of Silicon Valley Bank and Signature Bank reveals that small and medium-sized U.S. lenders had pushed for deregulation to avoid bank stress tests. In an interview with CGTN, Michael Powers, chair professor at Tsinghua University's School of Economics and Management, said though banks were lobbying the U.S. government to reduce regulations, ultimately it was the ordinary people and the government that got hurt and paid the price.

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