LEVER ACTION: Let’s Fire Powell & Regulate The Banks

We are coming to you today with two important actions you can join related to the recent banking crisis and Federal Reserve Chairman Jerome Powell’s role. As The Lever has reported in recent exclusives, regulatory rollbacks and decisions made by the Fed under Powell set the stage for the exact crisis we’re seeing. Congress must undo those rollbacks, and Powell must be fired to ensure a competent steward is leading the Fed.

Click here to join our open letter to President Biden demanding he fire Powell.

The second action comes from our friends at Americans for Financial Reform. Here’s what they have to say:

When Congress passed legislation in 2018 that repealed key pieces of the Dodd-Frank reforms enacted after the global financial crisis only a decade earlier, many experts warned what would happen.

The bipartisan 2018 bill that Trump signed deregulated mid-sized banks and removed strict requirements designed to ensure their solvency and protect consumers.

Now, with the failures of Silicon Valley Bank and Signature Bank, the predictions proved true.

Banking regulators quickly had to step in with decisive actions to guarantee deposits and stop contagion from spreading across the banking system.

If mid-sized banks are going to endanger financial stability, they must be held to strict standards — otherwise the public pays the price for risky behavior, while fat-cat bank executives rake in the profits and get off scot-free.

In response to this crisis, Senator Elizabeth Warren of Massachusetts and Representative Katie Porter of California have introduced the Secure Viable Banking Act, which would restore the rules on mid-size banks that were repealed in 2018.

Click here to write and send your message to Congress urging your Senators and Representative to sign on as co-sponsors of the Secure Viable Banking Act now.

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Rock the boat.

Sirota