Congress Is Angry About Bank Failures, But Divided on Solutions - WVUA 23
The US Congress is currently grappling with the sudden downfall of two American banks, Silicon Valley Bank and Signature Bank. Concerned lawmakers are investigating the causes of the banks' collapse while President Joe Biden has recommended that regulations governing banks be strengthened to prevent such failures from occurring in the future. Despite this, Congress is divided over new legislation as Republicans believe that the existing laws were sufficient, provided that regulators had properly enforced them. Meanwhile, Democrats point to a law passed in 2018 by President Donald Trump as a significant factor in the banks' downfall. A series of committee hearings on the matter are scheduled to begin on March 29.
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On March 20th, 2023 at 9:35 AM (Eastern Standard Time), the following blog section was written.
