Rep. Tulsi Gabbard: Five Years After Financial Crisis, Banking System Still At Risk
Washington, DC – Congresswoman Tulsi Gabbard (HI-02) today released the following statement regarding the five-year anniversary this week of the financial crisis:
“Five years ago this week, our nation was shaken by the worst economic crisis since the Great Depression. The livelihoods of hard-working families were put at risk and, since 2008, millions of Americans have lost their homes and have seen their life savings wiped out – all because of risky banking practices and the overgrown ‘too big to fail’ banks. While our economy has slowly started to come back from this devastating hit, it remains at risk.
“After the taxpayer bailouts of Wall Street, the biggest banks are even bigger than they were before the crisis. This dysfunctional regime means Wall Street enjoys the profits in good times, and the taxpayer is on the hook when things take a turn for the worse. We must ensure that no bank is so big that its risky bets can bring down the entire U.S. economy. We must create a banking system that works for every American, not just Wall Street CEOs, and work to enact and strengthen reforms that will protect our economy from another massive collapse.”
Congresswoman Tulsi Gabbard is a long-time proponent of commonsense banking reform, including a restoration of the Glass-Steagall Act and increased capital requirements for the nation’s largest banks. Earlier this year, she also co-sponsored H.R. 129, The Return to Prudent Banking Act, which would reinstate provisions of the Glass-Steagall Act to keep investment banking separate from commercial banking, as well as prevent the largest banks from engaging in speculative trading.