John,
After bank failures at Silicon Valley Bank and Signature Bank this month, we need answers.
The Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) have announced separate investigations into the Silicon Valley Bank and Signature Bank failures. While these steps are good and necessary, they’re also taking place behind closed doors. We need Congress to hold public hearings to hold these banking executives accountable in the light of day.
We already knew that Silicon Valley Bank CEO Greg Becker spent years lobbying Congress to weaken banking regulations in the Dodd-Frank Act — legislation that was passed after the last economic collapse caused by banks “too big to fail.” Now, new reports reveal that both Becker and Silicon Valley Bank CFO Daniel Beck sold stock shares just one week before the bank collapsed.
Massachusetts Senator Elizabeth Warren is leading the charge, asking CEO Becker to submit, in detail, how much time, money, and other resources were spent in efforts to roll back regulations in Dodd-Frank. Sen. Warren is also asking Silicon Valley Bank CEO Greg Becker and other executives to return their salaries and bonuses from the past five years before the bank collapsed and sent tech startups scrambling to make payroll.
We’re demanding that Congress go further and subpoena Becker and Beck, along with executives at Signature Bank, to testify before Congress on their lobbying efforts, executive compensation packages, and the suspicious timing of their stock sales.
Click “Start Writing” to send a message to Congress demanding public hearings on the Silicon Valley Bank and Signature Bank failures.
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Thank you,
LeftNet
