Silicon Valley Bank

 

In America today, if you're a wealthy vulture capitalist with over $250,000 in uninsured deposits at a loosely-regulated bank, the federal government will guarantee that your money is safe in a weekend.

If you’re a struggling working person with no health insurance and get cancer, you're on your own.

That’s what Martin Luther King Jr. would call "socialism for the rich and rugged individualism for the poor."

It outrages me to watch wealthy bankers and their lobbyists repeatedly endanger the American economy, fight common-sense efforts to regulate them, and then expect the government to bail them out when they create a crisis.

Five years ago, I helped lead the effort — sadly, an unsuccessful effort — to stop a bank deregulation bill that President Trump signed. That bill played a role in the collapse of Silicon Valley Bank and Signature Bank.

Now is the time to repeal that bill, break up too-big-to-fail banks and address the needs of working families, not vulture capitalists.

The good news is that the legislation which was introduced in the Senate yesterday would restore much-needed regulations on some of the largest banks in America. It will also demand that we claw back the bonuses and excessive pay from these failed bank executives.

So today, I am asking you to help send a powerful message that together we have the courage to stand up to Wall Street and vulture capitalism and repeal the disastrous 2018 bank deregulation law.

Please sign my petition:

Add your name to call on the Senate to pass legislation to restore strong bank regulations. Wall Street simply cannot be above the law.

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Are our memories so short that we have learned nothing from the 2008 Wall Street crash?

Just 15 years ago, as a result of the greed and recklessness on Wall Street, this country was plunged into the worst economic crisis since the Great Depression.

As a result of the illegal behavior of Wall Street, American households lost over $13 trillion in savings, which shattered retirement dreams, wiped out life savings, and made it impossible for families to send their kids to college.

That is what Wall Street did 15 years ago.

Now, we've seen vulture capitalists at it again with the collapse of Silicon Valley Bank and Signature Bank.

How pathetic is that?

When the bank deregulation bill was up for debate in 2018, the Congressional Budget Office released a report finding that the legislation would "increase the likelihood that a large financial firm with assets of between $100 billion and $250 billion would fail."

Unfortunately, that is exactly what has happened. That's why today is an important day to show that you support repealing that disastrous legislation.

Please sign my petition:

Tell the Senate to pass legislation that would repeal a major part of the 2018 bank deregulation bill that eased regulations on large banks and ultimately led to the recent collapse of Silicon Valley Bank and Signature Bank.

Thank you for adding your name to my petition to call on the Senate to restore important regulations of some of the largest banks in America.

In solidarity,

Bernie Sanders

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