Katie's bill will help prevent additional bank collapses. Sign your name to show your support
We wanted to provide an update on the legislation Katie introduced after the Silicon Valley Bank collapse.
But first, here's some context: After the 2008 financial crisis, Congress passed legislation to require banks to hold onto more liquid cash. This thicker cushion lowered the risk for consumers—but it wasn't ideal for the banks, which want to invest as much as possible to earn more profit.
Wall Street has been working to reverse these consumer protections ever since. When Trump was elected in 2016, a group of Senators pushed to allow medium-sized banks, like Silicon Valley Bank, to hold onto less liquid cash. Katie wasn't yet in Congress, but as a consumer protection attorney she sounded the alarm that this was a dangerous move that put people's money at risk. But in the end, Congress—in a bipartisan vote—caved to Wall Street and loosened our nation's banking laws.
Less than 5 years later, we saw the aftermath of that bill when Silicon Valley Bank went under.
That's why Katie and Sen. Elizabeth Warren introduced the Secure Viable Banking Act (get it, SVB), to repeal that law and reign in Wall Street and Big Banks by reinstating guardrails that help prevent collapses like the ones we just saw.
Can you sign on today to show that you support regulating Big Banks and standing up to Wall Street?
Sign your name ›››
Thank you,
Team Katie Porter
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