John,

We have seen the disastrous consequences of deregulation play out before our very eyes once again. The recent failures of Silicon Valley Bank and Signature Bank serve as a stark warning that our financial system is vulnerable when proper oversight is not in place.

There's no denying that the 2018 repeal of crucial Dodd-Frank reforms by the Trump administration was a dangerous game of roulette with our economy.

Mid-sized banks were left without adequate guardrails, allowing them to engage in high-risk financial activities that should have had proper checks and balances. As a result, these banks became vulnerable to sudden economic shocks, which led to the failure of Silicon Valley Bank and Signature Bank.

Fortunately, Senator Warren and Representative Porter have recognized the urgency of the situation and proposed the Secure Viable Banking Act. This legislation would restore the rules repealed by the Trump administration, strengthening our financial system and preventing future crises.

We must demand our Senators and Representatives repeal the Trump-era rollbacks that have put us all at risk by immediately co-sponsoring the Secure Viable Banking Act.

When banks collapse consumers are exposed to potential financial devastation, especially when the rollback of regulations weakens consumer protections.

That’s why this bill aims to reestablish the necessary regulations to ensure that banks maintain sufficient capital to withstand economic downturns and to implement strict oversight to prevent financial institutions from taking excessive risks.

Additionally, the Secure Viable Banking Act would reinforce consumer protection measures, empowering Americans to make informed financial decisions and safeguarding them from bad banking practices.

But this act will only become law if we demand it. It is our responsibility to hold our elected officials accountable for the security and stability of our financial system.

We must stand together and demand that our elected officials prioritize our nation's financial stability. Tell your Senators and Representative that you expect them to repeal the Trump-era rollbacks by co-sponsoring the Secure Viable Banking Act without delay.

With our collective voice and determination we will undo the damage of the Trump-era rollbacks and create a robust, secure financial system that works for everyone.

- Amanda

Amanda Ford, Director
Democracy for America
Advocacy Fund