Silicon Valley Bank, Signature Bank, and First Republic Bank are under the microscope again as US lawmakers unleash bills to shake up the banking game.
Democrats with the United States House Financial Services Committee have introduced several bills in what they described as the “first wave” of legislation aimed at addressing failures at major banks.
In a June 21 announcement, committee ranking member Maxine Waters said House Democrats had backed 11 bills drafted in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States. Among the proposed legislation — which has not yet gone to the committee’s Republican members for approval — included measures to impose fines as well as ban bank executives from future work in the industry should they “negligently contribute to their bank’s failure”.
“The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank make clear that it is past time for legislation aimed at strengthening the safety and soundness of our banking system and enhancing bank executive accountability,” said Rep. Waters. “Congress must not sit idly by.”
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