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First Republic Bank Collapse

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    First Republic Bank Collapse

    Petition to Congress:

    Pass the Secure Viable Banking Act to restore bank regulations and prevent more bank failures.

    This morning, First Republic Bank collapsed and was seized by regulators. It’s the second largest bank failure in U.S. history, and was a direct result of grossly irresponsible Trump era deregulation of the banking industry.1

    At the time, Demand Progress stood by Elizabeth Warren and Bernie Sanders in condemning this Wall Street giveaway.2

    Now, we are again taking action to call for the passage of the Secure Viable Banking Act.3 This act would repeal the dangerous deregulations from the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.

    Trump’s attacks in 2018 rolled back critical regulations put in place after the 2008 financial crisis, and as a result, banks like First Republic Bank were able to take on excessive risk without proper oversight. This same deregulation led directly to the Silicon Valley Bank collapse in March.

    Trump’s policies made it easier for banks to engage in risky behavior, such as making loans without proper underwriting standards or taking on high levels of debt. These actions put our financial system at risk and left the American people on the hook for any resulting losses.

    First Republic Bank’s collapse was entirely predictable. In 2018 Elizaeth Warren even tweeted: “The Senate just voted to increase the chances your money will be used to bail out big banks again.”4

    Our elected officials must pass the Secure Viable Banking Act to repeal these dangerous Trump era policies and prevent more bank failures. The consequences of another banking collapse would be devastating for American families, as we saw in the aftermath of the 2008 financial crisis.

    Thanks for taking action,

    Joey and the team at Demand Progress

    Sources:
    1. New Republic, “The Truth About Banking Regulation? There’s Far Too Little of It,” May 1, 2023.
    2. Demand Progress, “Tell Chuck Schumer: RESIST, don't assist. Stop Trump’s Wall Street giveaway.,” March, 2018.
    3. Ed Markey, “MARKEY JOINS WARREN, PORTER, DOZENS OF DEMOCRATIC LAWMAKERS IN INTRODUCING BILL TO REPEAL 2018 ROLLBACK OF CRITICAL DODD-FRANK PROTECTIONS,” March 14, 2023.
    4. Sen. Warren Twitter, “Senate Republicans voted unanimously...” March 6, 2018.

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