{"id":3961,"date":"2023-05-11T17:22:45","date_gmt":"2023-05-11T22:22:45","guid":{"rendered":"https:\/\/dev.pirg-test.com\/texas\/?post_type=article&#038;p=3961"},"modified":"2023-05-11T16:24:32","modified_gmt":"2023-05-11T21:24:32","slug":"first-republic-bank-collapse-is-a-reminder-why-we-need-reform","status":"publish","type":"article","link":"https:\/\/dev.pirg-test.com\/texas\/articles\/first-republic-bank-collapse-is-a-reminder-why-we-need-reform\/","title":{"rendered":"First Republic Bank collapse is a reminder why we need reform"},"featured_media":47526,"template":"","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":false,"_yoast_wpseo_meta-robots-nofollow":false,"_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":""},"campaign_tax":[180],"display_option":[],"issue_tax":[],"person_tax":[246],"region_tax":[],"state":[2,46],"topic_tax":[151,152],"class_list":["post-3961","article","type-article","status-publish","hentry"],"acf":{"details":{"helper_taxonomies":{"topics":[151,152],"collection":false,"press_type":false,"person_type":false,"resource_type":false,"event_type":false,"campaigns":180,"department":false,"level":false,"states":[2,46],"act_option":false,"display_option":false,"primary":{"topic":151}},"featured_image":47526,"caption_override":"","excerpt":"Congress should restore commonsense safeguards that would help prevent more bank failures.","updated_on":null,"sidebar_action":[3960],"hide_hero_image":false,"sidebar_action_query_string":""},"helper_people_group":{"title":"Authors","entities":[{"type":"dynamic","dynamic_person":{"site":4,"people":"192"},"information":{"name":"","image":null,"role":"","biography":"","contact":{"twitter":"","facebook":"","email":"","phone":""}}}]},"page_layout":[{"acf_fc_layout":"layout_wysiwyg","_acfe_flexible_toggle":"","component_wysiwyg":{"content":"<span style=\"font-weight: 400;\">The recent <\/span><a href=\"https:\/\/www.cnn.com\/2023\/03\/11\/business\/svb-collapse-roundup-takeaways\/index.html\"><span style=\"font-weight: 400;\">collapse of Silicon Valley Bank (SVB)<\/span><\/a><span style=\"font-weight: 400;\"> was the second-largest bank failure ever.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Then, on May 1, regulators seized and sold <\/span><a href=\"https:\/\/www.nytimes.com\/2023\/05\/01\/business\/first-republic-bank-jpmorgan.html\"><span style=\"font-weight: 400;\">First Republic Bank<\/span><\/a><span style=\"font-weight: 400;\">.<\/span>\r\n\r\n<b>Why are these banks failing right now?<\/b><span style=\"font-weight: 400;\"> Here\u2019s one reason: In 2018, the Trump administration and Congress weakened critical regulations that were meant to prevent these kinds of collapses.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Bank failures are dangerous and costly. In addition to putting the finances of depositors at risk, these failures have ripple effects across the entire economy. Already, it\u2019s becoming <\/span><a href=\"https:\/\/www.usatoday.com\/story\/money\/economy\/2023\/05\/08\/svb-collapse-banking-crisis-stricter-loans\/70195536007\/\"><span style=\"font-weight: 400;\">harder<\/span><\/a><span style=\"font-weight: 400;\"> for consumers and businesses to obtain loans, it seems likely that other small and midsize banks could be at risk in the near future.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">But our elected officials have a chance to restore some much-needed safeguards that would help prevent more bank collapses from happening. <\/span><b>That's why we're Congress to pass the Secure Viable Banking Act, which would restore depositor protections and protect against bank failures.<\/b>\r\n<h3><strong>Weak bank safety standards are leading to costly failures<\/strong><\/h3>\r\n<span style=\"font-weight: 400;\">The SVB failure also led to the failure of Signature Bank in New York. First Republic Bank, headquartered in California, also experienced a bank run and had to receive a bailout \u2014 before ultimately folding entirely.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">All three banks had one thing in common: They had assets between $50 billion and $250 billion. <\/span><b>That range is significant because, during the Trump administration, Congress passed a law <\/b><a href=\"https:\/\/www.cnbc.com\/2018\/05\/24\/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html\"><b>rolling back<\/b><\/a><b> regulations for banks of this size.<\/b><span style=\"font-weight: 400;\"> The rollbacks raised the threshold for when and which banks are required to undergo stress tests or submit so-called \u201cliving wills\u201d \u2014 both safety valves designed to avoid financial disaster. (These safeguards were first codified in the 2010 Dodd-Frank Act, which PIRG helped pass in the wake of the 2008 financial crisis. We opposed reversing them five years ago, and are hopeful this Congress will bring them back.)<\/span>\r\n<h3><strong>The Secure Viable Banking Act will help protect consumers<\/strong><\/h3>\r\n<span style=\"font-weight: 400;\">Enter the <\/span><a href=\"https:\/\/dev.pirg-test.com\/updates\/we-tell-congress-to-restore-depositor-protections-after-svb-failed\/\"><span style=\"font-weight: 400;\">Secure Viable Banking Act<\/span><\/a><span style=\"font-weight: 400;\">, introduced by U.S. Sen. Elizabeth Warren (Mass.), U.S. Rep. Katie Porter (Calif.) and others.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Its purpose is simple: Make mid-size banks adhere to the same financial safety standards as larger ones.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The collapses of SVB and now First Republic were costly ones. Now, let\u2019s take the opportunity in front of us to prevent similar situations in the future.<\/span>\r\n\r\n<b>Tell Congress: Protect consumers. Pass the Secure Viable Banking Act.<\/b>","":null}}]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First Republic Bank collapse is a reminder why we need reform<\/title>\n<meta name=\"description\" content=\"Congress should restore commonsense safeguards that would help prevent more bank failures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.pirg-test.com\/texas\/articles\/first-republic-bank-collapse-is-a-reminder-why-we-need-reform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Republic Bank collapse is a reminder why we need reform\" \/>\n<meta property=\"og:description\" content=\"Congress should restore commonsense safeguards that would help prevent more bank 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