[ [link removed] ]Katie Porter for Senate



NEW: First Republic Bank was taken over by the FDIC and sold to JPMorgan
Chase overnight.

These recent bank failures were avoidable. So after the Silicon Valley
Bank and Signature Bank collapses in March, I introduced two bills. One
would impose guardrails that help prevent collapses like this one. The
other would clawback compensation from executives who make millions while
overseeing a bank failure.

But even after the first two failures, Congress failed to act on either of
these bills.

We know how to help prevent bank collapses. 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 lobbied to reverse these consumer protections ever since. In
2016, a group of Senators pushed to allow medium-sized banks, like Silicon
Valley Bank, to hold onto less liquid cash. I wasn’t yet in Congress, but
as a consumer protection attorney I sounded the alarm that this was a
dangerous move that put people’s money at risk. In the end, Congress—in a
bipartisan vote—caved to Wall Street and loosened our nation’s banking
laws.

Banking inherently involves risk, but when bank executives recklessly
endanger customers' deposits, they must be held accountable. Capitalism
needs guardrails to deliver a strong, stable, globally competitive economy
that works for working people.

I’ll keep pushing my colleagues to stand up to Wall Street and protect
consumers.

Our campaign doesn’t take a dime from Wall Street CEOs. I’m the only
person in the race who has taken this pledge. I don’t want Wall Street’s
money. I’m running for the U.S. Senate because we need leaders willing to
stand up to lobbyists and corporations and fight for the people we
represent. [ [link removed] ]Can you join our team today?



[ [link removed] ]Donate ›››



Thank you,

Katie Porter




 


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