Sunday, April 2, 2023

Progress America Charles , Banks are greedy. That’s their whole thing. They’re also central to our economy, making sure that our money is safe and accessible. That’s why banking is one of the most heavily regulated industries in the country. But in 2018, exactly a decade after the last bank-induced financial crisis, Donald Trump led a rollback of some of the rules Congress enacted after that crisis. At the time, Elizabeth Warren warned: If this law passes, and if these bankers, sitting around a shiny new table in their gorgeous new headquarters decide to gamble a little bit more, just like they did in the lead up to the financial crisis, regulators might not even know. If lying back in the plush seats of their corporate jets, they cook up some kind of risky, complicated investment that nobody understands until it goes bad, regulators probably won't catch it in time. And if their bets fail, these more dangerous banks are more likely to crumble, and more like to bring the rest of us with them. Silicon Valley Bank proved that Elizabeth Warren was right. Now, she and Rep. Katie Porter have introduced the Secure Viable Banking Act, to roll back the rollbacks, and re-regulate the banking sector, so that there won’t be another SVB bailout. Tell your members of Congress: Repeal the Trump-era Rollbacks. Co-Sponsor the Secure Viable Banking Act Now! Thank you, Team Progress America PAID FOR BY PROGRESS AMERICA Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Progress America, please click here.

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