The failures of Silicon Valley Bank and Signature Bank were a direct result of Donald Trump weakening our banking regulations.
We can't wait for an even bigger bank failure before taking action. The banking industry needs to follow stronger rules ASAP. Senator Elizabeth Warren proposed a bill with Congresswoman Katie Porter to get this done.
This legislation repeals a key piece of Trump's bill, which eased regulations on banks that controlled assets ranging from $50 to $250 billion. A minimum of $50 billion in assets isn't pocket change, and needs to be strongly regulated.
Banking should be boring. It should never involve this kind of high-stakes theatrics, especially when so many livelihoods are involved. Anyone who wants to take on a lot of risk to make a lot of money quickly should not be in banking.
Trump's bill made it easier for banks to load up on risk to boost their profits without being subject to enhanced capital requirements and stress tests to prevent a collapse. We need to go back to better regulation to make banking more boring again.
If you're on board with stronger banking regulations that protect consumers and our economy, add your name to show your support for Sen. Elizabeth Warren's legislation.
PAID FOR BY WARREN FOR SENATE