Jack, sign the petition to Congress: No more Silicon Valleys. We need tough bank regulations.

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Silicon Valley Bank has collapsed, and it was completely avoidable.

In 2018, Donald Trump and the Republican Congress—at the behest of the banking industry—rolled back key parts of the Dodd-Frank law that protected consumers.

As Senator Elizabeth Warren warned at the time: "Washington is about to make it easier for the banks to run up risk, make it easier to put our constituents at risk, make it easier to put American families in danger, just so the C.E.O.s of these banks can get a new corporate jet and add another floor to their new corporate headquarters.”

Sign the petition to Congress: Hold Big Banks accountable. Undo the 2018 Trump law that caused this mess.

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Had this not happened, Big Banks would have been subject to stronger liquidity and capital requirements to withstand financial shocks. The collapse we are now seeing could have been predicted and prevented, and consumers' assets would have been protected.

Instead, we saw Silicon Valley Bank executives give themselves huge bonuses—hours before the federal bank regulators rushed in to take over a failing institution. They did this because, in the current financial regulatory environment, they believed that they could get away with it.

In order to ensure that Big Banks can never do this again, Congress must immediately repeal the 2018 Trump law that weakened Dodd-Frank. Additionally, we must reform deposit insurance so that everyday consumers do not suffer the consequences of reckless bank behavior.

Sign the petition to Congress: Hold Big Banks accountable. Undo the 2018 Trump law that created this mess.

Sign the petition
Keep fighting,
Paul Hogarth, Daily Kos