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Rep. Katie Porter Profile picture
@RepKatiePorter
Nov 13, 2020 • 5 tweets • 3 min read • Read on X
In March, Congress gave billions in COVID relief to the @federalreserve to help struggling businesses. The Fed pledged these taxpayer dollars would *not* bail out Wall Street banks. They went back on their word—to the tune of 2 billion dollars. So I'm calling them out. (THREAD)
The Fed explicitly stated that COVID relief funds would not help “insured depository institutions”—aka banks. That makes sense, since many of those banks have had record profits during the coronavirus pandemic. And we just bailed them out in 2008-2009. (2/5) Image
Yet, the Fed used COVID relief funding to purchase $1.3 billion of Exchange-Traded Funds (ETFs). ETFs are baskets of stocks, similar to mutual funds, and they contain billions of Wall Street's debt. (3/5)

wsj.com/articles/feder…
Back in October, I wrote to the head of the Federal Reserve about this clear abuse of taxpayer dollars. I never got a response. (4/5)

So yesterday, I followed up with @federalreserve Vice Chair Randy Quarles directly. Rather than being honest about purchasing debts of megabanks like @jpmorgan, Mr. Quarles tried to hide behind a loophole.

Watch 👇 (5/5)

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More from @RepKatiePorter

Rep. Katie Porter Profile picture
Apr 16
Some observations 🧵🧵

The justices rigorously questioned the government's lawyer. This is a good thing. In criminal cases, the burden of proof is on the government, and our Court should press the government on its use of power, especially in prosecutions. (1/5)
The government’s lawyer, Elizabeth Prelogar, was masterful. Coming from another branch of government, I appreciated the opportunity to see this impressive Biden appointee in action. (2/5)
Despite many questions on whether the statute at issue covers certain Jan. 6 defendants' conduct, I predict the government prevails. The statute applies to those who corruptly obstruct, influence, or impede official proceedings. These defendants did exactly that on Jan. 6. (3/5)
Read 5 tweets
Rep. Katie Porter Profile picture
Dec 29, 2023
Each year, my office puts together an End of Year Report, so Orange County families can see how I’m representing them.

As we ring in the #NewYear this weekend, here are some of my favorite accomplishments of 2023 ⤵️ (1/9)
My job is to help Orange County families, and I'm grateful to work with such an effective team. We introduced dozens of bills, took hundreds of meetings, responded to thousands of messages, and delivered millions owed to Californians by federal agencies. (2/9) Graphic of statistics from Rep. Porter's office in 2023.
The infant formula crisis devastated our supply chain and hurt families. This year, I teamed up with @RepLisaMcClain to hold corporations and @US_FDA accountable. Our bill would add new safeguards to keep contaminated formula out of grocery stores. (3/9) wsj.com/health/healthc…
Read 9 tweets
Rep. Katie Porter Profile picture
Aug 30, 2023
Nice try, but wrong.

Drug companies and their enablers keep trying to convince the American people that lowering drug prices is somehow bad for patients. I’ve debunked these myths over and over. Here are some highlights 🧵
For ages, Big Pharma CEOs have claimed that massive price hikes are necessary to fund research and development.

This is a bald-faced lie. These profits go straight into the pockets of Big Pharma execs and shareholders. (2/5)
Here's another example of Big Pharma's greed: this CEO made half a million dollars by hiking the cost of a cancer drug.

My law to recoup taxpayer dollars from drug companies that raised prices faster than the rate of inflation is now in effect. (3/5)
Read 5 tweets
Rep. Katie Porter Profile picture
May 1, 2023
First Republic Bank was taken over by @FDICgov and sold overnight—the third bank failure in two months. I’ll dive deeper into what Congress can do, but first let me say this: Americans' money in the banking system remains safe and deposits up to $250,000 are fully insured. 🧵🔽
These recent bank failures were avoidable.

The Fed’s report on #SiliconValleyBank's collapse pointed to bank mismanagement and the 2018 rollback of financial safeguards, among other issues.

I wrote two bills to prevent this from happening again. (2/5)
In 2018, Congress overturned banking regulations put in place after the 2008 financial crisis. I called it out at the time for exactly what it was—catering to Wall Street. I’ve introduced the #SVBAct to restore these critical protections. (3/5)
Read 5 tweets
Rep. Katie Porter Profile picture
Feb 16, 2023
The East Palestine, Ohio, railroad derailment has jeopardized hundreds of families, who will now face significant environmental and human health concerns for decades. Let’s talk about it. 🧵⬇️
I agree with my colleagues that we need accountability, but we need to understand what caused this catastrophe in the first place, so we know how Congressmembers can prevent a similar disaster from ever happening again. (2/6)
For decades, too many politicians have sided with rail lobbyists to limit regulations on the transportation of hazardous substances and requirements for safety systems. Norfolk Southern, the company that owned the derailed train in Ohio, was part of these lobbying efforts. (3/6)
Read 6 tweets
Rep. Katie Porter Profile picture
Jan 10, 2023
When Republicans took power in 2010, they defunded the IRS so it would be easier for their ultra-wealthy donors to cheat taxes. Families have since been dealing with delays, and big corporations have been pocketing billions in taxes they owe under the law each year. (1/3)
I’ve been pushing to give the IRS the resources it needs to serve taxpayers and crack down on ultra-wealthy tax cheats. With 50,000+ workers—including many customer service representatives—set to retire soon, time has been of the essence. (2/3)

Congress passed a law to boost IRS funding last year. Republicans now want to rescind resources and spread lies that new agents would otherwise go after families. I voted no on their bill to help big corporations evade taxes—and add $114M to the deficit over 10 years. (3/3)
Read 4 tweets

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