John,
In 2018, Republicans pushed to gut key pieces of the landmark Dodd-Frank legislation that allows us to properly regulate the same banks once called “too big to fail.” In 2018, they succeeded — and dozens of Democrats joined them. See?
Our economic regulations are in place for a reason. Myself and other key members of the Progressive Caucus called it out for what it was: a shortsighted and blatant handout to big banks that could bring economic ruin. And we were right.
This is what I said in 2018: “The truth is the American people are sick and tired of government working for somebody other than them. We’re rolling back rules… you don’t need to take a sledgehammer to the Dodd-Frank regulation overall.”
This is what just happened:
Now Silicon Valley Bank is the second largest U.S. Bank in history to fall:
My priority is to protect working people and families across the country. After years of COVID, recent inflation, and GOP attacks on Social Security and Medicare, people can’t afford to lose any more because of bad policy and irresponsible decision-making from a powerful few. Now it seems federal government officials will be stepping in to investigate:
While I want to see accountability served, it will ring hollow if we don’t change our policy along with it. We have that power and we have to use it. I fully intend to use our authority as the largest Democratic caucus in Congress to fully pursue justice and right these wrongs. My colleagues and I will fight to make sure this does not spiral into a preventable crisis brought on by greed and corruption.
In solidarity,
Pramila
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