The Economic Growth Act amended how the Fed can regulate the companies that own commercial banks, not how it can regulate the commercial banks themselves. There’s a huge difference.
Parker Conrad, a serial entrepreneur who has experienced both success and failure, never expected that Silicon Valley Bank would experience a run that would severely affect his workforce management company, Rippling. The run on the bank caused Rippling to liquidate $130 million in money market funds that were meant for customer payrolls.