rich 1.0 Action Network https://actionnetwork.org <link href='https://actionnetwork.org/css/style-embed-v3.css' rel='stylesheet' type='text/css' /><script src='https://actionnetwork.org/widgets/v6/letter/tell-congress-restore-the-dodd-frank-act-to-full-strength?format=js&source=widget'></script><div id='can-letter-area-tell-congress-restore-the-dodd-frank-act-to-full-strength' style='width: 100%'><!-- this div is the target for our HTML insertion --></div> Patriotic Millionaires https://actionnetwork.org/groups/patriotic-millionaires https://can2-prod.s3.amazonaws.com/groups/default_facebook_images/000/254/238/original/PatMillz.jpg?1657828704 Silicon Valley Bank -- the 16th largest bank in the U.S. -- was shut down and taken over by the Federal Deposit Insurance Corporation (FDIC) on Friday, March 10th. Forty-eight hours later New York state regulators closed Signature Bank SVB and Signature’s demise are the largest bank failures since the 2008 financial crisis and it could have been avoided had the government not rolled back federal bank regulations from the Dodd-Frank Act. The Dodd-Frank Act was enacted to ensure that large banks could never again send the economy into free-fall and eradicate trillions of dollars of consumer wealth. One of the ways they did this was by placing a threshold on banks considered to be “systemically important” -- banks with $50 billion in assets. By being labeled as “systemically important”, banks are required to follow a stricter set of regulations -- including annual stress testing. In May 2018, then-President Donald Trump signed legislation to lift this critical threshold from $50 billion to $250 billion. One of the most ardent supporters of this change was Greg Becker -- the CEO of Silicon Valley Bank.[1] The weakening of provisions in the Dodd-Frank Act was a bipartisan effort. Silicon Valley Bank not only lobbied for the changes, but they made hefty donations to both Democrats and Republicans in support of the Economic Growth, Regulatory Relief, and Consumer Protection Act.[2] Congress must now go back and correct its mistakes in order to protect consumers and regain the public’s trust in our financial system. Click “Start Writing” to send a letter to Congress demanding they bring back the regulations in the Dodd-Frank Act that were repealed in 2018. https://actionnetwork.org/letters/tell-congress-restore-the-dodd-frank-act-to-full-strength