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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)
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)
https://twitter.com/AP/status/1651967224448528390
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)
https://twitter.com/RepKatiePorter/status/1647003426444673024
Banking inherently involves risk, but when bank executives recklessly endanger customers' deposits, they must be held accountable. My bipartisan bill will claw back compensation from executives who make millions while overseeing a bank failure. (4/5)
https://twitter.com/RepKatiePorter/status/1651735363403100163
After the last bank failures, Congress just moved on. No more excuses. Let’s pass the #SVBAct and the Failed Bank Executives Clawback Act. (5/5)
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