WASHINGTON (AP) — Bills were filed, hearings were planned and blame was cast as Congress reacted this past week to the abrupt failure of two banks. A look at what lawmakers are saying and planning as the fallout continues from the collapse of Silicon Valley Bank and Signature Bank.
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While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed.
Some congressional leaders are skeptical that a closely divided Congress will act at all.
“There’s people who are going to choose bills, but I cannot imagine that, with the hold banks have on Republican members of Congress, that we can pass anything significant,” said Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking, Housing and Urban Affairs Committee.