Congresswomen Rashida Tlaib and Alexandria Ocasio-Cortez have introduced legislation to create government-owned banks, ostensibly to “increase accountability.” In truth, the banks would exist to fund progressive causes.
Original Article: Government Banks Would Be a Dangerous Tool for Progressive Ideologues

Last month, Democratic Congresswomen Rashida Tlaib and Alexandria Ocasio-Cortez proposed a bill that would allow the incorporation of financial institutions controlled by states and municipalities. These banks would be not-for-profit, tightly regulated, and given special government subsidies. The Congresswomen claim that public banks are necessary because the private sector has been “rigged” against “those grappling with the costs of simply trying to participate” in the economy. “The Public Banking Act ends the era of privileging unaccountable private banks over the public interest,” said Michael Brennan, a progressive lobbyist.
Calling private banks “unaccountable” is more than a bit disingenuous. Financial institutions are among
 the most heavily regulated businesses in the country. Not

Recently, Silicon Valley Bank (SVB), a bank that was heavily involved in cryptocurrency, collapsed. Naturally, Democrats want to exploit the situation to rush through new regulations. But that will only make the problem worse.
The failure of Silicon Valley Bank, a forty-year old, $200 billion bank, has caused many to worry about the country’s economic stability. Among the concerned is Senator Elizabeth Warren, who wants to reinstate some of the defunct banking regulations from the Dodd-Frank Act of 2010.
But the failure of SVB would not have been prevented by more government intervention. On the contrary, the government itself—by driving up inflation and making it difficult to hedge against interest rate risk—is partially responsible for the collapse of this bank. Passing new regulations

Six years after the election of Donald Trump, the Republican Party is still adrift. On the one hand, the GOP has embraced an antiestablishment and populist message. On the other hand, Republicans have not quite figured out how to balance populism with classically liberal values like constitutionalism and free markets. Indeed, populism and classical liberalism seem to be in direct conflict.

In the wake of the COVID-19 pandemic and its attendant economic strains, some protectionists and anti-immigration ideologues are trying to take advantage of this opportunity to advance their nationalist agenda. They argue that if the United States had restricted international trade and immigration more thoroughly in the past, as President Trump had fought to achieve, the public health crisis could have been curtailed.