Yesterday, Elizabeth Warren told ABC News’ This Week "We can’t keep repeating this approach of weakening the regulation over the banks, then stepping in when these giant banks get into trouble."
She was responding to questions about the continuing fallout from the failures of Silicon Valley Bank and Signature Bank -- bank collapses made possible because of Trump deregulation.
Last week, Senator Warren and Representative Katie Porter introduced a bill to restore critical bank regulations that were repealed during the Trump administration. These protections are needed to safeguard our economy and jobs from reckless bankers causing another disaster like the 2008 financial crisis.
We’ve been down this path before. After the 2008 financial economic collapse that cost millions of people their homes and jobs, Congress passed the Dodd-Frank law to protect Americans from Wall Street banks taking reckless risks.
But in 2018, Trump signed a law passed mainly by Republicans to roll back some of those protections so that certain enormous banks could juice their profits by taking bigger risks.
Elizabeth Warren and Katie Porter warned at the time that weakening the rules for these banks was a mistake that would lead to bank failures and put everyday people at risk. The collapse of Silicon Valley Bank and Signature Bank should be seen as a big wake-up call that Warren and Porter were right -- and these banks need to be re-regulated to prevent the next crisis.
Unfortunately, some members of Congress are still listening to Wall Street lobbyists over their own voters. They want to believe they can ignore what happened and the public won’t care.
There's one way to change that -- hearing directly from their constituents.
Thanks for being a bold progressive.
-- The PCCC Team (@BoldProgressive)
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