Congresswoman Lee Releases Statement on Silicon Valley Bank Collapse
Congresswoman Barbara Lee (CA-12) released the following statement on the collapse of Silicon Valley Bank:
“The collapse of Silicon Valley Bank clearly illustrates the long-term damage done by the Trump-era rollback of the federal oversight and intervention established by Dodd-Frank. In 2018, Wall Street pushed a deregulation bill that allowed banks like SVB to take reckless risks, potentially hurting regular people – which is exactly what we’ve seen in recent days. I strongly opposed that bill, voted against it, and will continue to oppose any action that lets corporate malfeasance off the hook. Federal oversight over large corporations and our economy is crucial and regulators must once again step in and ensure we do not repeat the mistakes made in 2008.
“While it’s much better to prevent these avoidable crises with strong oversight and regulation, I applaud the Biden Administration acting quickly to stem the damage. Because of this action, hundreds of companies and thousands of workers who did nothing wrong, especially in our region of California, will be able to access their funds. But the next step is ensuring that we have strong regulation in place to prevent future problems, and that we seek accountability for any impropriety or market manipulation conducted.”