{"id":131726,"date":"2023-03-13T10:52:59","date_gmt":"2023-03-13T10:52:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=131726"},"modified":"2023-03-13T10:52:59","modified_gmt":"2023-03-13T10:52:59","slug":"congress-eyes-next-steps-after-2nd-and-3rd-largest-bank-collapses-in-u-s-history","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/congress-eyes-next-steps-after-2nd-and-3rd-largest-bank-collapses-in-u-s-history\/","title":{"rendered":"Congress eyes next steps after 2nd and 3rd largest bank collapses in U.S. history"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/images.axios.com\/-U0zvma9AdkZNnXBkBk6cWid5WI=\/1920x1080\/smart\/2023\/03\/12\/1678652708361.jpg\"><\/p>\n<p>Illustration: A\u00efda Amer\/Axios<\/p>\n<p>The second and third largest bank collapses in U.S. history \u2014\u00a0coming in rapid succession \u2014\u00a0are prompting a reckoning within Congress about the state of the U.S. financial system.<\/p>\n<p><strong>Why it matters: <\/strong>The vast majority of members of Congress came into office after the 2008 financial crisis. For them, this is relatively uncharted territory.<\/p>\n<ul>\n<li>With the federal regulators stepping in to protect depositors of Silicon Valley Bank and Signature Bank, lawmakers are weighing long-term steps to avert similar collapses.<\/li>\n<li>On a bipartisan, bicameral call with Treasury officials on Sunday night, several lawmakers called to pass new laws to ensure long-term stability.<\/li>\n<\/ul>\n<p><strong>What they&#x27;re saying: <\/strong>House Democrats from the states most affected by the bank collapses, in interviews with Axios, floated large-scale financial reforms and hearings.<\/p>\n<ul>\n<li>Rep. Josh Harder (D-Calif.) laid out three next steps for Congress: monitoring the next 24 hours to ensure the reopening of the two banks goes off &quot;smoothly,&quot; launching investigations and passing new legislation.<\/li>\n<li>&quot;I really don&#x27;t see an avenue where there is not some sort of central legislation to deal with the after-impacts of this, even if it&#x27;s just to really cement what happened this weekend,&quot; he added.<\/li>\n<li>Both Harder and Rep. Jake Auchincloss (D-Mass.) called for congressional hearings, with Harder also floating a special investigator.<\/li>\n<\/ul>\n<p><strong>The state of play: <\/strong>The Senate doesn\u2019t return to session until Tuesday and the House is out on recess all week.<\/p>\n<ul>\n<li>The House\u2019s plans to stay out of session are not expected to change, House Majority Leader Steve Scalise\u2019s (R-La.) office told Axios.<\/li>\n<li>That has left House members to organize briefings, send letters, issue statements \u2013\u00a0and cross their fingers for a smooth landing.<\/li>\n<\/ul>\n<p><strong>Zoom in: <\/strong>Many<strong> <\/strong>Democrats are pointing to the rollback of some Dodd Frank banking rules in 2018 as the culprit.<\/p>\n<ul>\n<li>&quot;We need to put back in place protections Republicans and big banks gutted in 2018 once the immediate crisis is contained,&quot; Rep. Adam Schiff (D-Calif.) told Axios in a statement.<\/li>\n<li>Rep. Ayanna Pressley (D-Mass.) called for a hearing to investigate &quot;how Republicans\u2019 2018 bank deregulation bill contributed to SVB\u2019s risky behavior and jeopardized financial stability for far too many.\u201d<\/li>\n<\/ul>\n<p><strong>Reality check: <\/strong>While the idea of hearings could gain bipartisan backing, new regulatory safeguards are a long-shot given GOP control of the House.<\/p>\n<ul>\n<li>&quot;Building a culture of government intervention does nothing to stop future institutions from relying on the government to swoop in after taking excessive risks,&quot; said Sen. Tim Scott (R-S.C.), the ranking member on the Senate Banking Committee, in a statement.<\/li>\n<li>House Financial Services Chair Patrick McHenry (R-N.C.) echoed Scott: \u201cI have confidence in our financial regulators and the protections already in place to ensure the safety and soundness of our financial system.\u201d<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.axios.com\/2023\/03\/13\/congress-silicon-valley-bank-legislation-hearings\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illustration: A\u00efda Amer\/Axios The second and third largest bank collapses in U.S. history \u2014\u00a0coming in rapid succession \u2014\u00a0are prompting a reckoning within Congress about the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":131725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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