Political Quotes

“Madam Chair, I rise today to urge my colleagues to support my very straightforward amendment to protect small businesses and community banks in the wake of financial crisis, and I thank Ranking Member Waters for the opportunity to lead on this issue. I want to take this Chamber back 1 year ago to the collapse of Silicon Valley Bank that sent our financial system into disarray. In 48 hours' time, one of the largest U.S. banks failed, impacting customers, investors, businesses, and stockholders across our Nation. Silicon Valley Bank's failure subsequently led to the collapse of Signature and Silvergate Banks in rapid succession as well, making this crisis one of the most significant banking failures in United States history. After moments like these, it is important that Congress and key agencies like the U.S. Securities and Exchange Commission fully understand the scope and impacts to our economy. Transparency and accountability are essential to instill confidence in our capital markets and to prevent another crisis from tanking our economy in the same way. In conducting the analysis, we must not only examine and understand the impact of the broader macroeconomy, but we must also make a concerted effort to understand the effects on small businesses and community banks that drive our Main Streets. According to Federal Reserve data, deposits at smaller community banks dropped by $120 billion in the week following the collapse.…”