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. 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. 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of California have introduced the Secure Viable Banking Act, which would restore the restrictions on mid-size banks repealed by the Trump administration.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. Tell Congress: Pass the Secure Viable Banking Act.
In solidarity,
Ro
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