When Congress passed legislation in 2018 that repealed key pieces of the Dodd-Frank reforms enacted after the global financial crisis only a decade earlier, many experts warned what would happen.
The bipartisan 2018 bill that Trump signed deregulating mid-sized banks and removed strict requirements designed to ensure their solvency and protect consumers.
Now, with the failures of Silicon Valley Bank and Signature Bank, the predictions proved true. Banking regulators quickly had to step in with decisive actions to guarantee deposits and stop contagion from spreading across the banking system.
If mid-sized banks are going to endanger financial stability, they must be held to strict standards otherwise the public pays the price for risky behavior, while fat-cat bank executives rake in the profits and get off scot-free.
In response to this crisis, Senator Elizabeth Warren of Massachusetts and Representative Katie Porter of California have introduced the Secure Viable Banking Act that would restore the rules on mid-size banks that were repealed in 2018.
Click ‘SIGN THE PETITION’ to sign and send your message to Congress urging your Senators and Representative to sign on as co-sponsors of the Secure Viable Banking Act.
