It happened again: another big bank failure.

Just about two months ago, two major banks crashed — Silicon Valley Bank (SVB) and Signature Bank. SVB’s collapse was the second-biggest bank failure in American history. But not for long, because First Republic Bank just nose-dived too and took over that #2 slot.

Why are these big banks dropping like flies? Well, the news may feel sudden, but the failures have been years in the making. I want to talk about some major causes, and how I’m fighting to fix our banking system.

Big-shot bank executives — including leaders at SVB, Signature, and First Republic — lobbied for looser regulations. Under the Trump administration, they got ’em. Regulators at the Fed were asleep at the switch, big banks were free to load up on risk to juice their profits (and bonuses), and the houses of cards came crumbling down.

So I’m fighting to pass stronger regulations. I’m fighting to hold regulators accountable. I’m fighting to hold bank executives accountable — including with my bipartisan bill to claw back executive compensation after bank failures.

If we toughen up the rules of the road, if we make sure regulators use all the tools in their toolbox to enforce those rules, and if we change the system that currently incentivizes bank executives to chase big risks without consequences for their personal bottom lines, we can put the system on surer footing.

Here’s the way I see it: we need a banking system that works for working people. That lets small businesses and nonprofits make deposits with confidence that their money will still be there when they need it. That allows our economy to keep humming along and growing. In fact, banking should be boring — not a thrill-seeking industry where CEOs can gamble with our whole economy.

We’re in this fight side by side for a government that works for families — not big banks, billionaire CEOs, and giant corporations. You help make it all possible with your grassroots support. And I’m deeply grateful.

Thanks for being a part of this,

Elizabeth

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