Responding to the Silicon Valley Bank Collapse
As you may have heard, Silicon Valley Bank (SVB) collapsed, causing anxiety for workers, businesses, and families in the Massachusetts 7th and beyond. Let’s be clear: this collapse was made possible in part by Republicans, who during the Trump era, weakened the critical banking safeguards we had in place after the 2008 financial crisis. There must be accountability.
I am grateful that the Biden Administration and federal regulators acted swiftly to make SVB depositors whole and protect workers, businesses, and our financial system. But we must get to the bottom of this and prevent a collapse like this from ever happening again.
As a member of the House Financial Services Committee, I repeatedly called for a hearing to investigate SVB’s collapse, and I am pleased the Committee heeded our calls to hold a hearing later this month. I also want to see Congress restore the banking protections that Republicans rolled back in 2018, and last week I joined Senator Elizabeth Warren and Congresswoman Katie Porter on a bill to do just that.
You can watch an interview I gave on the SVB collapse here.
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