[ [link removed] ]Katie Porter for Senate



John,

We wanted to provide an update on the legislation Katie introduced after
the Silicon Valley Bank collapse.

But first, here’s some context: After the 2008 financial crisis, Congress
passed legislation to require banks to hold onto more liquid cash. This
thicker cushion lowered the risk for consumers—but it wasn’t ideal for the
banks, which want to invest as much as possible to earn more profit.

Wall Street has been working to reverse these consumer protections ever
since. When Trump was elected in 2016, a group of Senators pushed to allow
medium-sized banks, like Silicon Valley Bank, to hold onto less liquid
cash. Katie wasn’t yet in Congress, but as a consumer protection attorney
she sounded the alarm that this was a dangerous move that put people’s
money at risk. But in the end, Congress—in a bipartisan vote—caved to Wall
Street and loosened our nation’s banking laws.

Less than 5 years later, we saw the aftermath of that bill when Silicon
Valley Bank went under.

That’s why Katie and Sen. Elizabeth Warren introduced the Secure Viable
Banking Act (get it, SVB), to repeal that law and reign in Wall Street and
Big Banks by reinstating guardrails that help prevent collapses like the
ones we just saw.

[ [link removed] ]Can you sign on today to show that you support regulating Big Banks and
standing up to Wall Street?

[ [link removed] ]Sign your name ›››

Thank you,

Team Katie Porter




 


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