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John,
The recent failures of Silicon Valley Bank and Signature Bank have sent shockwaves through the financial world and raised serious questions about the practices and policies of executives at these institutions.
Recent reports showing that Silicon Valley Bank’ CEO Greg Becker and CFO Daniel Beck sold stock shares only a week before the bank collapsed have raised suspicions of insider trading. This news is especially concerning as it comes to light that Becker had been lobbying Congress for years to weaken banking regulations in the Dodd-Frank Act, which were put in place after the last economic crisis.
While the Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) has announced investigations into these failures, it is not enough because -- to pass real bank reforms -- accountability must take place in the court of public opinion too.
To get to the bottom of this scandal, Congress must subpoena Becker, Beck, and executives from Signature Bank to testify under oath. Send a message demanding public hearings on the Silicon Valley Bank and Signature Bank failures now.
The public deserves answers and the executives of these banks must be held responsible for any wrongdoing.
Yet, despite the serious nature of this collapse, the executives of these banks have yet to be called to testify before Congress.
Demanding that bank executives testify is not just a matter of justice, it is essential for ensuring that these failures do not happen again in the future.
The lack of public accountability so far sends a message to the financial community that they can operate with impunity. Only by thoroughly investigating these failures and holding those responsible accountable, can we prevent similar incidents from happening again.
By shining a light on the practices of these banks, we will be better able to restore strong banking regulations and push other financial institutions to adopt better and more ethical practices. Sign and send your message to Congress demanding public hearings on the Silicon Valley Bank and Signature Bank failures now.
Thank you for demanding that the executives of these banks testify and be held accountable for their actions.
- Amanda
Amanda Ford, Director
Democracy for America
Advocacy Fund
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