[1]Ro Khanna

Friend,

The collapse of Silicon Valley Bank is a reminder of the need to impose
strong regulations on banks. Because the thing is, we could’ve easily
avoided this disaster.

SVB is in my district. Years ago, when they lobbied for Donald Trump’s
bill to weaken Dodd-Frank, the Wall Street Reform and Consumer Protection
Act, I flat-out told them no and voted against the measure. However,
despite the warnings from progressives like myself and Senator Bernie
Sanders, Republicans went ahead and eviscerated Dodd-Frank.

Powerful special-interest groups hold the lion’s share of the blame.
[ [link removed] ]Lever News recently reported on the banking lobby’s successful efforts
to avoid paying more into the Deposit Insurance Fund, which protects
depositors from banking failures. 

This is shameful. [ [link removed] ]Sign if you agree: It’s time to reverse these
disastrous Trump-era policies to protect the American people.

In addition to risking the financial stability of bank customers, failing
to properly restrict large and mid-size banks harms small hometown banks
that serve as lifelines for their communities. These are the banks that
provide loans for mortgages, small businesses, construction, and so much
more. Without these banks, wealth and financial services would be
concentrated in megabanks like Citigroup, JPMorgan Chase, Bank of America,
and Wells Fargo, with a long history of taking advantage of their
customers.

Congress has the power to keep this from happening again. Senator
Elizabeth Warren of Massachusetts and Representative Katie Porter of
California have introduced the Secure Viable Banking Act, which would
restore the restrictions on mid-size banks repealed by the Trump
administration.

The economic collapse of 2008 showed us that destroying safeguards and
eliminating repercussions that would have prevented the collapse of banks
like SVB can only cause harm to everyday Americans.

Robust regulations will prevent future instability. [ [link removed] ]Tell Congress: Pass
the Secure Viable Banking Act.

In solidarity,
Ro


 


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PAID FOR BY RO FOR CONGRESS
PO Box 3513, Santa Clara, CA 95051