With a mirror slightly askew in the background, Rep. Katie Porter sat in her Irvine bedroom and flipped on Instagram live as several regional banks teetered on collapse, with depositors frantically seeking to pull money from their accounts.
Porter walked her followers through the basics of how banks hold customers' money, why Silicon Valley Bank was closing and how as a kid the local bank in her Iowa farm town experienced a similar form of instability.
She also castigated Republicans and some of her fellow Democrats for voting in 2018 to rescind certain regulations and oversight under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress passed in the wake of the financial crisis more than a decade ago.
