WASHINGTON–The “big banking debate” continues to heat up in the wake of the failures of Silicon Valley Bank and Signature Bank.
“But discussions about how to prevent such bank collapses in the future are getting complicated, including within the Democratic Party,” reported the New York Times.
According to an overview of the debates that are taking place as compiled by the New York Times:
- The Fed is reportedly considering tougher rules for midsize banks, including reviewing liquidity requirements and its stress tests.
- Some Democratic lawmakers, like Senator Elizabeth Warren (D-MA) of Massachusetts and Rep. Katie Porter (D-CA) are pushing to restore banking rules rolled back during the Trump administration, a move that raised the threshold for “too big to fail” banks from $50 billion in assets to $250 billion.
- Representative Maxine Waters (D-CA) said Congress should weigh increasing the F.D.I.C.’s deposit insurance cap.
Tough Path Ahead
“But not all Democratic senators and their allies agree that the 2018 deregulation was to blame here: Both Jon Tester of Montana and Angus King, independent of Maine, said they stand by their votes for the rollback five years ago. That divide, combined with broad Republican opposition to tougher banking rules, means it’s hard to see the legislative path ahead,” the Times reported.
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