1. United States
2. Wash.
3. Letter

The Trump administration’s regulators at the U.S. Securities and Exchange Commission are laying the groundwork to bring back one of the core financial products that led to millions of foreclosures during the Great Recession — even as economic and climate conditions make its return all the more destabilizing. The SEC is intended to act as Wall Street’s top regulator, yet they appear to be looking to revive the residential mortgage-backed securities market. These financial instruments ruined millions of lives in the 2008 financial crisis while lining the pockets of nefarious actors who were never held accountable. After they got bailed out last time, bankers are salivating at another opportunity. This cannot be allowed to happen. Please take steps to protect your constituents and all Americans from this development. Introduce legislation demanding that the SEC keep regulations in place from the post-Great Recession period to ensure millions of lives are not again ruined by the terrible practices of major banks and financiers.