Both parties are drawing battle lines over the collapses of Silicon Valley Bank and Signature Bank, while acknowledging regulatory reform faces a steep — if not impossible — climb in Congress.
that would reverse a GOP-led rollback of Dodd-Frank banking regulations in 2018 that many of them, including President Biden, see as a culprit for the bank failures.Top Democrats expressed early pessimism about the idea that any reform measure could garner the 10 Republican votes needed to pass the Senate — let alone the GOP-controlled House.
Sen. Sherrod Brown , chair of the Senate Banking Committee, told reporters he's "going to push hard on making sure these laws are tougher," but added: "I don't know how we do a legislative fix when Republicans ... all blame Biden. They all blame inflation."Top Republicans told Axios it's far too early to even discuss new regulations, while casting doubt on the idea that any measure could garner the necessary GOP support.
Rep. Marc Molinaro , a self-described member of the GOP's "even-keeled" wing, told Axios, "I think the Democratic response is always, 'Let's just go find some new regulations.'" Sen. Thom Tillis , a prolific collaborator on bipartisan legislation, said of SVB's collapse: "I think we’re going to find ... that [the regulators] had the authority and responsibility to regulate and they didn’t do it very well."With substantive action essentially off the table, the two parties are already huddling on messaging strategies focused on who to blame for the bank collapses.
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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