“Silicon Valley Bank’s collapse is the predictable and direct outcome of a furious 2018 effort by bank lobbyists to evade basic oversight, transparency, and financial stability in favor of profit. The Congressional Progressive Caucus, along with Senators Elizabeth Warren (D-M.A.) and Bernie Sanders (I-V.T.), led the effort against what we referred to as the Bank Lobbyist Act, raising the alarm about the ‘dangerous and misguided bill.’ It was voted for by nearly every Republican, and it is now clear — as we predicted — that Trump’s presidential signature sealed a future of more chaos for our economy and more impunity for bank misbehavior. 

“Silicon Valley Bank’s failure has proven that it was a mistake to roll back Dodd-Frank’s regulatory safeguards and meaningful oversight of a broad set of banks with significant assets. Congress must now come together and repeal this misguided law. We also must hold the executives of these banks accountable, clawing back funds from executives who cashed in before FDIC intervention, including the CEO who directly lobbied against the ‘burden’ of oversight. This kind of malfeasance should not be rewarded. 

“The past 48 hours have also thrown into sharp relief this country’s two-tiered economic system. Silicon Valley Bank’s wealthy depositors are being made whole almost immediately. Meanwhile, Republican politicians are blocking the Biden Administration from providing millions of mostly  low- and middle-income people — who played by the rules but still struggle to get ahead — from receiving relief from crushing student debt payments. If the government is able to respond so quickly to support wealthy investors, it should be able to do the minimum for working people. Progressives will continue, as we always have, to fight to end the injustice of these two economic systems and give working families a fair shot in the richest country in the world.”

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement in response to President Biden’s Fiscal Year 2024 Budget:

“The President’s budget shows he remains focused on delivering for the American people to meet the challenges they face. We are thrilled to see him continue to emphasize investments in working families that will raise wages, tackle poverty, and lower the cost of living, paid for by taxing the wealthy and the largest corporations. This is an agenda that the American people can be proud to have voted for — and that progressive movements can feel proud to have fought for.

“This budget would advance priorities progressives have been pushing for years, and continue the unfinished work from the President’s 2022 agenda: lowering prescription drug costs; expanding Medicaid, affordable housing, and accessible maternal care and health care; providing two years of free community college; and taking on the out-of-control costs of child care, pre-K, home care, and housing. It would reinstate the Child Tax Credit, decrease hunger, protect Medicare and Social Security, and finally provide national, comprehensive paid family and medical leave. It would also continue the important progress the President and Democrats began last Congress: continuing to lower the cost of deploying clean energy and speed our transition away from fossil fuels, rebuild American manufacturing, and take climate action with a focus on environmental justice. Essentially, these investments would be paid for with incredibly popular and common sense policies: a 25 percent minimum Billionaire Tax, increasing taxes on the largest corporations, quadrupling the tax on stock buybacks, and repealing the Trump Tax Scam.

“There are also a few places where we need to do better, and ensure record levels of funding come alongside real accountability, particularly for immigration and defense. On immigration, we must ensure that we focus resources on the implementation of humane immigration policy that matches our values, and does not penalize immigrants who are central to our economy’s functioning. 

“On Pentagon spending, the President’s budget requests $842 billion for the Pentagon, $26 billion more than Congress allocated in the previous budget — which itself was $63 billion more than the $773 billion the President requested for FY2023. This is a never-ending cycle of increased funds without accountability. It would be a new record high for the defense budget, following a year when the Pentagon failed its fifth consecutive audit, without ever having successfully accounted for all its assets. There is simply no reason for taxpayers to continue to pay for outrageously high budgets rife with waste, fraud, and abuse. A recent CBO study confirmed that the Pentagon could cut $100 billion per year without compromising on national defense. This is long overdue. Progressives in Congress have been at the frontline of this fight for decades, and we will continue to push for sensible, targeted defense policy that prioritizes our national security over profit-hungry military contractors.” 

WASHINGTON —  Representatives Pramila Jayapal (WA-07), Judy Chu (CA-28), and Nanette Barragán (CA-44), Chairs of the Congressional Progressive Caucus (CPC), Congressional Asian Pacific American Caucus (CAPAC), and the Congressional Hispanic Caucus (CHC) respectively, issued the following statement calling on President Biden to reject reinstating family detention:

“We are deeply concerned by reports that the Biden administration is considering reinstating family detention in an attempt to deter migration. We agree with Secretary Mayorkas when he said, 'A detention center is not where a family belongs.' We should not return to the failed policies of the past. There is no safe or humane way to detain families and children, and such detention does not serve as a deterrent to migration. We strongly urge the administration to reject this wrongheaded approach."

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement in response to the President’s announcement that he would sign a bill overturning a D.C. Council-passed law:

“I’m deeply disappointed to see the President announce he will allow Congress to overturn a D.C. law for the first time in decades. This is simple: The District of Columbia must be allowed to govern itself. Democrats’ commitment to home rule should apply regardless of the substance of the local legislation. This is why the Congressional Progressive Caucus and its members have endorsed D.C. statehood, with every CPC member cosponsoring D.C. Delegate Eleanor Holmes Norton’s bill in the 117th Congress. Statehood is the only way to protect the 700,000 residents of the District from this kind of interference, we will continue to champion this cause.”

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, released the following statement applauding President Biden’s decision to nominate Julie Su to serve as Secretary of Labor:

“Earlier this week, President Biden made an excellent choice in nominating a progressive champion for workers’ rights to serve as Secretary of Labor. Julie Su has spent her career as a dedicated public servant, fighting tirelessly for working people, especially the lowest-wage workers and domestic workers, immigrant workers, and workers of color.

“Julie is someone who deeply understands how the Department of Labor should work and the needs of our modern economy. As a civil rights attorney, California Secretary of Labor, Deputy Labor Secretary under Secretary Walsh, She has taken on wage theft, fought for the rights of gig workers, and defended the rights of garment workers who were victims of trafficking. In each role, she has built a proven track record of prioritizing the most invisible and forgotten workers, working closely with unions, and delivering for the people. 

“Progressives look forward to being in close partnership with the Department, and working with Secretary-Designate Su to continue the work to raise wages, lower costs, and fight for the working people of this country. We urge the Senate to move swiftly to confirm this extremely qualified nominee.”

WASHINGTON — Representative Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus, issued the following statement in response to the Commerce Department’s “Notice of Funding Opportunity” for companies that will receive investments allocated by the CHIPS and Science Act:

“This past summer, the Progressive Caucus worked with the Commerce Department to ensure the CHIPS and Science Act would expand domestic manufacturing capacity and not be utilized as a subsidy for companies to engage in stock buybacks and dividend payouts to enrich wealthy shareholders and executives. Today, we are very heartened to see the beginning of that commitment put into practice with the Department’s Notice of Funding Opportunity.

“The CHIPS and Science Act was passed with a vision: that smart policy could play a role in rebuilding American domestic manufacturing in a sustainable and just way. We could bring working parents, and especially women, back into the manufacturing workforce. We could deliver a major investment of taxpayer dollars without allowing corporations to artificially inflate their value through stock buybacks. We could build technology our people need in America to bring down costs for consumers and create good-paying union jobs. But the details are always in the implementation and that is why today’s announcement is so important. Secretary Raimondo and the Biden administration are turning that vision into reality, and I am incredibly proud of the key role progressives in Congress played in making it possible.”

“The agency has included a number of taxpayer protections that progressives negotiated directly with the Secretary, including: prohibitions on CHIPS funding being directly used for stock buybacks or dividends; creating a formal preferencing for companies that commit to refrain from making stock buybacks; disbursing the funding to companies on an incremental basis, rather than a lump sum, to allow the funding to be clawed back if it is misused; and a requirement that companies receiving over a certain amount of direct funding repay the U.S. government — and American taxpayers — for the upside. In addition, the Department has made clear they’re committing to building and supporting the workforce needed to make CHIPS, not only companies themselves: creating sector-based partnerships in consultation with labor unions; preferencing for companies with strong apprenticeship programs, including in construction; and child care on-site to support working parents in manufacturing for companies.”

In addition to negotiating these critical taxpayer protections with the Secretary, Rep. Jayapal also hosted a town hall with Secretary Raimondo in the fall with workers on the need for affordable care, including ensuring that there is equity for working parents with the jobs created through CHIPS funding. Rep. Jayapal also led her colleagues in two letters to the Secretary, on the need to protect the CHIPS investments from being used for corporate self-enrichment and stock buybacks, and on the need for companies receiving the funds to provide accessible child care.

WASHINGTON — Representative Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus, issued the following statement in response to the Supreme Court arguments in challenges to President Biden’s executive order canceling student debt:

“When President Biden issued his executive order to cancel up to $20,000 in student debt this past summer, he responded to calls from the Progressive Caucus, the Black Caucus, the Hispanic Caucus, and millions of borrowers and advocates across the country. He moved to relieve the burden of today’s high cost of living on the 97 percent of student loan borrowers who are low- and middle-income, with 40 percent of borrowers never having been able to finish their degree. He advanced economic justice with an action that would help close the racial wealth gap by entirely eliminating the student debt of one in four Black borrowers and almost half of Latino borrowers. But because of callous, politically motivated lawsuits by Republicans across the country, none of that desperately needed relief has actually gone out the door. 

“During today’s arguments, it was abundantly clear that the President has the legal authority to cancel student debt. Any finding to the contrary would be just the latest assault of an extremist right-wing activist Supreme Court on everyday Americans. We hope that the justices will follow the facts, rather than any political agenda, and rule in favor of the President’s order to deliver student loan forgiveness once and for all.”

WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, and Representative Barbara Lee (CA-13), CPC Chair Emeritus and Chair of the Caucus Peace and Security Task Force, issued the following statement on the one-year anniversary of Russia’s invasion of Ukraine:

“One year ago today, President Putin initiated an illegal invasion and brutal, unprovoked war of aggression against Ukraine. In the twelve months since, thousands of people have been killed, with millions more displaced and forced to seek refuge outside their home country. Russia has committed blatant war crimes, exacerbated a global hunger crisis, and has even undermined  the critical New START treaty. We join our colleagues in Congress and people across the world in solemn mourning of the harm and loss of life this war has inflicted.

“At the same time, we are proud of the role the United States has played in responding to the conflict. President Biden has shown exceptional leadership, including in bringing and keeping the international coalition together to provide economic, military, humanitarian, and moral support for Ukraine, while wisely seeking to avoid direct conflict. The aid Congress has allocated has been crucial in helping the Ukrainian people defend themselves and keep their government functioning.

“As we enter the second year of this war, the United States has distinct obligations to our Ukrainian allies and international partners. We must continue our commitment to being a place for those displaced by war to seek asylum, and accept as many refugees as possible from Ukraine, Afghanistan, and other war-torn countries. We should continue to look for opportunities for common-sense multilateral diplomacy, like the Black Sea grain agreement brokered by Turkey and the United Nations’ effort to protect vulnerable Ukrainian nuclear energy infrastructure. 

“As both Presidents Biden and Zelensky have made clear, all wars end at the negotiating table. The United States and our allies must continue to bolster and support Ukraine, while remaining open to opportunities for constructive and de-escalatory diplomacy.”

WASHINGTON — Representative Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus, issued the following statement following a meeting between members of the Congressional Progressive Caucus and Brazilian President Luiz Inácio Lula da Silva. Representative Ro Khanna (CA-17) and Representative Alexandria Ocasio-Cortez (NY-14) joined Chair Jayapal in the meeting.

“It was an honor to meet with President Lula da Silva this morning, whose election has given hope to democratic and progressive movements around the world. We had a productive discussion on our shared commitments to environmental, social, and economic justice. We also discussed opportunities to deepen U.S.-Brazilian cooperation in the fight against authoritarianism, strengthen relationships between legislators of the two countries, and a shared agenda for economic justice and freedom that can combat the appeals of right-wing extremism. We thank him for taking time out of his visit to the United States to meet with members of the Progressive Caucus, and look forward to collaborating closely on our shared priorities and values in the future.”

 

WASHINGTON — Representative Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus, issued this statement following President Biden’s State of the Union address:

“In his first two years in office, President Biden acted boldly to create a workers’ economy that benefits families across the country and improves the lives of the American people.

“Under his leadership and with Democrats in Congress, the President rightly celebrated a significant record of achievement tonight. In just two years, we have created 12 million jobs, more than any other President has created in four years. Unemployment is down to its lowest level in half a century and real wages are increasing, particularly in lower-paid sectors. Seniors on Medicare now pay no more than $35/month out-of-pocket for insulin and Affordable Care Act enrollment is at a record high. American manufacturing is on the upswing, with strong government industrial policy at work. Due to the largest climate investment in history, working families have access to affordable, renewable home appliances and electric vehicles, and we are on a path to achieve the President’s goal of 80 percent clean electricity by 2030. I am proud that the Progressive Caucus worked closely with the President to play a defining role in all these achievements.

“We applaud the President’s bold call for increased tax fairness with new taxes on billionaires and stock buybacks that enrich wealthy shareholders but discourage investments in workers and lower prices for consumers. We began this fight in the last Congress and have shown that increased tax revenue through fair and equitable means, combined with strong investments in the tools people need to get back to work and take care of their families, is exactly how you build a strong economy. While Republicans want to cut food stamps, Social Security, and Medicare, Democrats want to tax the wealthiest to pay their fair share, expand Social Security and Medicare, and lower costs for working and poor Americans.

“That’s why it is so important that the President called out the need to finish the rest of his agenda, to lower costs through universal child care, home care, and pre-K, paid sick leave, and bold housing investments. These are some of the biggest inflationary costs hitting working people, and why we fought so hard to deliver them in the last Congress. We got incredibly close, and we will not stop until they are law.

 “In the wake of the killing of Tyre Nichols and too many before him, our communities are urgently demanding significant change to law enforcement’s use of force. We also know that we must expand voting rights and codify the right to abortion — fundamental freedoms without which our democracy will suffer. As the mother of a transgender kid, I was deeply moved to hear him rally our country to defend the transgender community. Progressives are proud champions of the President's bold antitrust agenda, and we were thrilled to hear him tout it tonight. We commend the President for presenting a vision for the path forward to meet these challenges and look forward to continuing to be partners in that fight.

“The President has shown how he can use executive action to make enormous progress. We will focus the next two years not only on showing the American people what we have done, but also working with the White House to deliver more. Progressives stand ready to work with the Biden administration to: raise the overtime threshold so tens of millions of workers can get paid for work they already do; institute strong rules to clean up the power sector and lower emissions; continue the work to end gun violence; address the crisis of access to affordable housing, child, and home care, and pay for care workers; ensure the wealthy and corporations pay their fair share in taxes, rather than padding shareholder profits; restore competition across industries; continue to crack down on Big Pharma and lower prescription drug prices; provide a fair and humane process for everyone seeking safety in the United States, and continue expanding legal pathways and protections for immigrants. He has made important progress on the agenda the Progressive Caucus released in 2022; in the coming weeks, we will release our updated agenda for 2023. We will also be watching to ensure equitable implementation of the investments we passed into law last Congress. 

“As the President made clear, this year Democrats will also need to hold the line against Republican extremism, including guarding against any attempts to force a default on the debt limit, gut Social Security, Medicare and other critical programs. We will be a strong opposition party against these extreme MAGA Republican ideas that would hurt Americans everywhere. But the President today made clear that Democrats are always a party of not just opposition, but also of proposition. 

“Tonight, the country heard the President lay out his vision for a better America backed by the powerful results of a progressive agenda put into action over the last two years. If we continue on this path — taking on corporate power, investing in working families, and embracing equitable policymaking — we will continue to deliver.”