My weekly letter to Arizona's senior senator:
https://www.sinema.senate.gov/contact
#politics
Senator "Let the Banks Regulate Themselves":
Nice job. You stood with the banks demanding deregulation and now they are predictably in trouble. You should be mortified. You should resign.
This week, thanks to you crossing the line and voting with a bunch of Republicans to weaken the controls on banks back in 2018, we have a crisis. A completely predictable crisis that you helped to create.
Why did you vote for this? I can only assume that you are ignorant of history and are in league with the banks that prioritize their own profits over the safety and security of their depositors. That is unconscionable.
Since it is clear that you value your relationships with bankers more than the fidelity of Arizonans' deposits, you must resign.
Damn right, banking should be boring.
The thing is we fixed these problems, before.
We know this can be done.
Vote the damn authoritarian out of the House, and we can do it again.
Dodd–Frank
And
Glass–Steagall
https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_legislation
The history of US banking is a boom and bust cycle coincident with regulation changes. The banks do well, they appeal to congress that their profit opportunites are limited because regulations are holding them back. In response, congress eliminates the restrictions that protect solvency and and customer deposits. Then, <shocker> the banks take stupid risks and go belly up, with the FDIC and the US taxpayer holding the bag.