The era of ‘too big to fail’ was supposed to be over.
After the 2008 financial recession, Congress passed legislation to increase oversight of financial institutions, so that the bad actions of a handful of CEOs could never again crater the global economy and crush countless families. But just a decade later, under pressure from lobbyists, Congress rolled back some of those new regulations, and President Trump signed these changes into law.
What’s happening with Silicon Valley Bank doesn’t yet appear to be as severe as what happened to our economy in 2008. But make no mistake, once again, the risky actions of one bank are having serious repercussions on our entire financial system. Another regional bank, Signature, has already been taken over by the government, as well.
Silicon Valley’s CEO was among the many bank executives who lobbied Congress to roll back the very regulations that might have kept his bank from failing. Last year, he took home $9.9 million in compensation and a $1.5 million bonus. There must be accountability — and Alexandria is calling for it.
Alexandria is only able to stand up to the big banks because she doesn’t take a single cent from special interests — instead she depends on you, the people she serves, to keep her in Congress fighting for us all.
Thank you for your continued support,
Team AOC
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